Nordstrom Rack To Open In Emeryville, Calif.
SEATTLE, May 29, 2014 /PRNewswire/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to further expand in the Bay Area with the addition of a Nordstrom Rack in Emeryville, Calif. at the East Bay Bridge Shopping Center. The approximately 38,000-square-foot store is scheduled to open in fall 2015. The property is owned and managed by Federal Realty Investment Trust.
"We've been focused on growing our store presence throughout northern California and are fortunate to have many loyal customers who have been shopping with us throughout the Bay Area," said Geevy Thomas, president of Nordstrom Rack. "We believe this Rack will be an ideal location for us to take care of more new and existing customers living in the East Bay when we open next year."
East Bay Bridge Center is centrally located where Interstates 80, 880 and 580 merge at the Bay Bridge. The new Rack store will join a great mix of retail and lifestyle tenants such as Target, Michaels, Home Depot, Sports Authority and Pak 'n Save Foods, among others.
"Nordstrom Rack is an exciting addition to East Bay Bridge and enhances the center by delivering a great retail name," said Jeff Kreshek, vice president of Federal Realty West Coast Leasing.
Currently Nordstrom serves customers at five East Bay area locations with full line stores in Walnut Creek and at Stoneridge Mall in Pleasanton, as well as Rack stores in Pleasant Hill, San Leandro and Fremont. In total, the company operates 10 Nordstrom stores and 11 Racks in northern California.
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 one of the leading fashion specialty retailers based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 270 stores in 36 states, including 117 full-line stores, 150 Nordstrom Racks, two Jeffrey boutiques and one clearance store. Nordstrom also serves customers through Nordstrom.com and the newly developed e-commerce site Nordstromrack.com, which operates in partnership with its online private sale site, HauteLook. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
About East Bay Bridge Center
East Bay Bridge is a grocery-anchored power center located in a major retail node in the densely populated cities of Emeryville and Oakland, in the East Bay area of Northern California. East Bay Bridge sits at the intersections of three major interstates: I-80, I-880 and I-580 bringing a steady flow of traffic over 200,000 ADT's each. The center is anchored by Home Depot, Target, Pak 'n Save, Michaels and more.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Their operating portfolio (excluding joint venture properties) was 95.6% leased to national, regional and local retailers as of March 31, 2014, with no single tenant accounting for more than approximately 3.3% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 46 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
Federal Realty Investment Trust
SOURCE Nordstrom, Inc.