Nordstrom on the Move

Nordstrom Inc. (Seattle) confirmed a report of earlier this week that it will open a new store in Cincinnati.

The fashion retailer has signed letters of intent with General Growth Properties Inc. (Chicago) to open three new Nordstrom stores, including one at Cincinnati’s Kenwood Towne Centre; relocate its current store at Fashion Place in Murray, Utah; and renovate its store at Montclair (Calif.) Plaza.

The other new locations will be in the Christiana Mall (Newark, Del.) and Saint Louis Galleria (St. Louis).

The two-level Kenwood Towne Centre store will be approximately 140,000 square feet. It is set to open in fall 2009 where a Parisian store is currently located. The Saint Louis Galleria store, also 140,000 square feet, will open in spring 2010 in a previous Lord & Taylor location. And the Christiana Mall store, yet another two-level, 140,000-square-foot store, is scheduled to open in spring 2011. Christiana Mall is undergoing a major redevelopment and expansion, adding over 200,000 square feet of specialty shops and restaurants.

As part of the Fashion Place expansion, the Nordstrom store in Murray, Utah, will relocate to a brand new, larger store in spring 2009. The new store will be two-levels and 140,000 square feet. Fashion Place has redevelopment plans that will add 150,000 square feet of shops and restaurants. The current Nordstrom store, which opened in 1981, will remain open until the new building is complete.

Nordstrom is also planning a complete renovation to the current 134,000-square-foot location at Montclair Plaza, part of a large-scale renovation and remodel of the entire shopping center beginning next year. Montclair Plaza is a two-level shopping center with nearly 200 specialty retailers.

“We are fortunate to find desirable locations across the U.S.,” said Erik Nordstrom, president of stores. “There is still much opportunity to increase our presence around the country where our customers live and shop. General Growth is a quality partner who has done a great job at presenting us with some compelling projects and we are thrilled to join these new centers.”

The retailer also reported a 26.2 percent jump in net earnings for its third quarter ended Oct. 28, 2006. Total sales increased 12.4 percent and same-store sales increased 10.7 percent.

Year to date, net earnings are up 23.5 percent, total sales are up 9.3 percent and same-store sales have increased 7.2 percent.

The company opened its newly relocated store at Westfield Topanga Mall (Canoga Park, Calif.) on Oct. 6, 2006. The 213,000-square-foot, three-level store features the company's most comprehensive designer offering in the country along with new design concepts, amenities and services. And Nordstrom opened a new 35,000-square-foot Nordstrom Rack store at Grand Plaza (San Marcos, Calif.) on November 16.

The board of directors recently approved a $2.8 billion capital expenditures budget for 2007 – 2011, with approximately 80 percent allocated to new stores, store relocations and store remodels.