FOR IMMEDIATE RELEASE Contact: Tracy Overby, Nordstrom Inc.
FEBRUARY 25, 2000 (206) 373-3035
Dan Smalley, Prizm Partners
(214) 696-0520
Billie Scott, Simon Property Group
(317) 263-7148
NORDSTROM RACK TO OPEN FIRST STORES IN THE
DALLAS/FORT WORTH METROPLEX
New Plano and Hurst, Texas stores to open May 25, 2000
SEATTLE-(February 25, 2000)- Nordstrom Inc. today announced it will open its first Nordstrom Rack stores in the Dallas/Fort Worth Metroplex area. The company plans to open a 36,100 square-foot store in Plano, Texas at Preston Shepard Place and a 36,000 square-foot store in Hurst, Texas at The Shops at North East Mall. Both stores are scheduled to open on May 25, 2000.
Nordstrom Rack offers name brand merchandise for women, men and children at 30 - 75 percent off regular prices ó including one of the most extensive selections of off-price brand-name shoes. Nordstrom Rack also offers clearance merchandise transferred from Nordstrom full-line stores. Additionally, the company also develops merchandise that is sold exclusively at Nordstrom Rack stores.
?We received such a warm welcome from Dallas area shoppers for our Galleria store,? said Sue Tabor, executive vice president, Nordstrom Rack general manager. ?We are thrilled to soon be able to offer our customers tremendous value, great selection and quality name brand merchandise that Nordstrom Rack customers have come to expect.?
Preston Shepard Place in Plano is a thirty-six acre 363,000 square foot open air shopping center located near the southwest corner of Preston Road (SH 289) and Park Boulevard (FM 544). Nordstrom Rack will join other Preston Shepard Place retailers such as: Borders Books, Marshall?s, Steinmart, Old Navy, Baby Superstore, Office Depot, Noodle Kidoodle and Petco.
?We believe that adding Nordstrom Rack to the current mix of retailers at Preston Shepard Place will create an even greater draw for local area shoppers,? said Dan
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Smalley, president, Prizm Partners. ?We are particularly pleased that we were able to assist Nordstrom in locating their first Nordstrom Rack store in the Dallas market.?
The Shops at North East Mall, located near Loop 820 and Bedford Euless Road, opened in October, 1999. The 385,000 square-foot open air shopping center is adjacent to North East Mall which is undergoing a major expansion and renovation. Nordstrom Rack will join other tenants such as TJ Maxx, Michael?s, Office Max, PetsMart, Old Navy, Best Buy, Ulta, and Noodle Kidoodle.
?We are very pleased to bring the off-price retail division of one of the nationås leading fashion specialty retailers to the Fort Worth area to compliment the new Nordstrom store North East Mall will welcome next year,? said Myles Minton vice-president, community center development, Simon Property Group.
Nordstrom Inc. (NYSE: JWN) is one of the nation?s leading fashion specialty retailers, with 104 stores located in 23 states, including 71 full-line stores, 27 Nordstrom
Racks, three Fa‡onnable boutiques, two free-standing shoe stores, and one clearance store. The company also seeks to serve customers through its online presence at nordstrom.com, as well as direct mail catalogs.
Prizm Partners, formerly affiliated with Federal Realty Investment Trust of Rockville, Maryland, provides retail real estate services to institutional and private investor clients nationwide. Originally founded in 1995, Prizm Partners completed a management-led buyout of the company in August, 1999. Prizm maintains offices in Dallas, Chicago, Atlanta and Albuquerque, which are engaged in property/asset management, leasing, development and acquisition/disposition services. Preston Shepard
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Place is managed and leased by Prizm Partners for Prizm?s largest client, The Prudential Insurance Company of America.
Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a self-administered and self-managed real estate investment trust. Through subsidiary partnerships, it is engaged primarily in the ownership, development, management, leasing, acquisition and expansion of income-producing, market-dominant retail properties, primarily regional malls, community shopping centers and specialty retail centers.
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