Nordstrom to Open Second Full-Line Store in Greater Minneapolis at Ridgedale Center
SEATTLE, Jan. 4, 2013 /PRNewswire/ -- Seattle-based Nordstrom (NYSE: JWN) today announced plans to open a full-line store in Minnetonka, Minn. at Ridgedale Center, which is owned by General Growth Properties, Inc. (NYSE: GGP). The new store will be approximately 138,000 square feet and will open in fall 2015.
The Ridgedale Center store will be Nordstrom's second full-line store in Minnesota and will join the Nordstrom Mall of America store in serving customers throughout the Twin Cities area. The Nordstrom Mall of America store opened in 1992 and is located about 20 miles southeast of Ridgedale Center. The company also operates two Nordstrom Racks in the area, at Mall of America and at Arbor Lakes in Maple Grove.
"Our Mall of America store is one of our most successful stores and we believe we can better serve our Minneapolis-St. Paul customers with a second location," said Erik Nordstrom, president of stores for Nordstrom. "We are excited to recommit to Ridgedale as we think it's a terrific mall and will make it more convenient for more customers to be able to shop with us."
Ridgedale Center is the most productive, regional shopping center on the west side of Minneapolis-St. Paul. The one-million-square-foot property features an impressive mix of retailers that includes the Apple Store, Coach, J. Jill, Hollister and White House | Black Market. The property is a sought-after shopping destination in the Twin Cities area, with convenient, immediate access from two interstate highways.
"Ridgedale Center is strongly positioned in the Minneapolis market, with a productive trade area and desirable merchandise mix. Nordstrom's extensive retail selection and outstanding customer service is something our shoppers have wanted and will be excited about when the doors open," said Sandeep Mathrani, CEO, GGP.
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 240 stores in 31 states, including 117 full-line stores, 119 Nordstrom Racks, two Jeffrey boutiques, one treasure&bond store and one clearance store. Nordstrom also serves customers through Nordstrom.com and through its catalogs. Additionally, the Company operates in the online private sale marketplace through its subsidiary HauteLook. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
General Growth Properties, Inc. is a fully integrated, self-managed and self-administered real estate investment trust focused on owning, managing, leasing, and redeveloping regional malls throughout the United States and Brazil. GGP's portfolio is comprised of 126 malls in the United States and 16 malls in Brazil comprising approximately 135 million square feet. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.
SOURCE Nordstrom, Inc.; General Growth Properties, Inc.
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