Nordstrom Rack Grows Store Presence In Miami, Fla.
SEATTLE, Sept. 3, 2014 /PRNewswire/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open a Nordstrom Rack at The Shops at Midtown Miami in Miami, Fla. The approximately 31,000-square-foot store is scheduled to open in spring 2015. The property is owned and managed by DDR Corp. (NYSE: DDR).
The Shops at Midtown Miami are conveniently situated near the convergence of I-95 and I-195, just west of Miami Beach and north of Downtown Miami. The new Rack will move into a space formerly occupied by Loehmann's and join current retailers including Target, Ross, Marshalls, HomeGoods, Sports Authority and West Elm, as well as over 30 smaller shops and restaurants.
"We are thrilled to have the opportunity to serve customers at a destination that combines great retail and restaurants," said Geevy Thomas, president of Nordstrom Rack. "We know customers here have a lot of options, and we intend to bring our very best—great brands at great prices—to earn their business."
When it opens, it will be the fourth Rack store in the Miami area. Nordstrom operates a total of nine Racks and nine full-line stores in Florida. The company is opening a new Nordstrom store at St. Johns Town Center in Jacksonville on October 10 and two new Rack stores in West Palm Beach on October 8 and in Lake Brandon October 24, which is also owned by DDR.
"The addition of Nordstrom Rack further solidifies The Shops at Midtown Miami as the market's premier destination for high-quality merchandise at value prices," said Paul Freddo, senior executive vice president of leasing and development for DDR. "As we optimize the retail mix of our properties nationwide, Nordstrom Rack continues to be a preferred brand and we look forward to expanding our partnership."
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., offering customers a wide selection of on-trend apparel, accessories and shoes at an everyday savings of 30-70 percent off regular prices. The Rack carries merchandise from Nordstrom stores and Nordstrom.com, as well as specially purchased items from many of the top brands sold at Nordstrom. The Rack is designed to provide the ultimate treasure hunt to style-savvy customers.
Nordstrom, Inc. is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 270 stores in 36 states, including 116 full-line stores, 151 Nordstrom Racks, two Jeffrey boutiques, and one clearance store. Nordstrom also serves customers through Nordstrom.com; Nordstromrack.com; online private sale site HauteLook; and Trunk Club, a personalized clothing service. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
About The Shops at Midtown Miami
The Shops at Midtown Miami is located on the corner of NE 36th Street and North Miami Avenue, just north of downtown Miami. Occupying 26 acres of urban space adjacent to Miami's art district, the 645,000-square-foot shopping center will consists of four blocks - each with its own architectural flair and a blend of value retail and local high-end offerings. In addition to a number of specialty shops and lifestyle retailers, the center offers consumers national anchors including Target, Ross Dress for Less, Marshalls, HomeGoods, West Elm, PetSmart, Carter's and Sports Authority.
About DDR Corp.
DDR (NYSE: DDR) is an owner and manager of 390 value-oriented shopping centers representing 108 million square-feet in 39 states and Puerto Rico. The Company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available at www.ddr.com, as well as on Twitter, LinkedIn and Facebook.
SOURCE Nordstrom, Inc.