SEATTLE, March 2, 2016 /PRNewswire/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open a Nordstrom Rack at Poplar Commons in Memphis, Tenn. The approximately 33,000 square-foot store is scheduled to open in the fall of 2017. The store is leased from Seritage Growth Properties (NYSE: SRG) who is replacing an existing Sears building with a first-class 135,000 square foot shopping center.
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. Nordstrom Rack merchandise, available at Rack stores as well as Nordstromrack.com, comes from Nordstrom stores, Nordstrom.com and specially purchased items from many of the top brands at Nordstrom. The Rack is designed to provide the ultimate treasure hunt to style-savvy customers.
The Seritage property is located in east Memphis at the intersection of Poplar Avenue and Perkins, directly across from Oak Court Mall. Known as Poplar Commons, the newly developed center will include national retailers, specialty retail and several well-known restaurants. Near-by retailers include Macy's, Dillard's, Target, and Whole Foods.
"We're excited to bring our first Nordstrom Rack to Memphis and can't wait to open our doors in 2017," said Geevy Thomas, president of Nordstrom Rack. "For some time now we've been looking for ways to grow here and we think customers will love the great brands we offer and appreciate the prices. We're excited to get to work earning their business."
"We are pleased to announce our sixth lease in our portfolio with Nordstrom Rack, who will anchor a newly built, first class shopping center in this thriving submarket of Memphis," said Benjamin Schall, chief executive officer and president of Seritage Growth Properties. "Once completed, this redevelopment will exemplify our ability to unlock significant real estate value by transforming well located single-tenant parcels into institutional quality multi-tenant shopping centers."
The Memphis Nordstrom Rack will be the company's second Rack and third store in Tennessee. Currently customers can shop a full-line Nordstrom store in Nashville at Green Hills Mall and a Rack at Brentwood Place in Brentwood.
Seritage Growth Properties is a publicly traded, self-administered, self-managed REIT primarily engaged in the real property business through its investment in its operating partnership, Seritage Growth Properties, L.P. Our portfolio contains 235 wholly-owned properties and 31 joint venture properties, consisting of approximately 42 million square feet of building space, which is broadly diversified by location across 49 states and Puerto Rico.
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 323 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 194 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com and HauteLook. The company also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its five clubhouses. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
SOURCE Nordstrom, Inc.