SEATTLE, Feb. 22, 2013 /PRNewswire/ -- Seattle-based Nordstrom, Inc., (NYSE: JWN) announced today plans to open a Nordstrom Rack at Oakway Center in Eugene, Or., a shopping center that is owned and operated by McKay Investment Company, LLC. The approximately 32,000-square-foot store is scheduled to open in fall 2013.
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., carrying on-trend merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores. These items are purchased specially for Nordstrom Rack, with most at savings of 30 to 70 percent off.
Nordstrom currently operates five full-line stores and four Rack stores in Oregon, including the first stand-alone Nordstrom Rack location which opened in Clackamas in 1983. "We were fortunate to serve customers in Eugene with a Nordstrom Place Two for over 15 years," said Geevy Thomas, president of Nordstrom Rack. "For those who remember us, we are excited to serve our Eugene customers again with a Nordstrom Rack store and for those we haven't met – we look forward to introducing them to our new Rack at Oakway Center."
The new Nordstrom Rack will be centrally located within three miles of the University of Oregon campus. Oakway is an upscale mixed-use lifestyle center and is conveniently located off Interstate 105. The new Rack store will occupy the former Borders book store space and will join a vibrant open-air retail scene. Nearby stores include Trader Joe's, Bed Bath & Beyond, Old Navy, Talbot's, and Pottery Barn.
"We are very excited that Nordstrom Rack is joining the other great retailers and eateries of Oakway Center. We look forward to the positive impact Nordstrom Rack will have on Oakway Center as well as the greater community," said Steven Korth, Director of Real Estate and Development for McKay Investment Company, LLC. "When the anchor position became available, Nordstrom Rack was our primary target and we are beyond thrilled that this partnership has become a reality."
About McKay Investment Company, LLC
McKay Investment Company, founded in 1953 by Miles and Eleanor McKay, is now a 4th generation commercial development company, who owns, develops and manages commercial properties. Locally owned and operated in Eugene, Oregon, McKay Investment Company continues to invest in Oregon properties; primarily Class A office buildings and retail centers including Oakway Center, their flagship lifestyle center.
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.
Steven J Korth
McKay Investment Company, LLC
SOURCE Nordstrom, Inc.