Nordstrom Rack to Open at Willow Grove Park
SEATTLE, July 28, 2011 /PRNewswire/ — Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open a new Nordstrom Rack in Willow Grove, Pa. outside of Philadelphia. The new 40,000 square-foot store is scheduled to open during spring 2012 at Willow Grove Park.
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., and carries on-trend merchandise from Nordstrom stores and Nordstrom.com at 50-60% 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 purchased specially for Nordstrom Rack, with most at savings of 30-70% off.
Willow Grove Park is conveniently located within a few miles of the Pennsylvania Turnpike and Route 611 in eastern Montgomery County. The new Rack will open adjacent to The Cheesecake Factory on the mall’s third level, furthering Willow Grove Park’s established fashion-forward retail mix of more than 130 leading specialty stores including Bloomingdales, Macy’s, Sears, Coach, H&M, J.Crew, and Williams-Sonoma. The center is owned and managed by Pennsylvania Real Estate Investment Trust (PREIT) (NYSE: PEI).
When it opens, the Willow Grove Park store will be the third Nordstrom Rack in the Philadelphia metropolitan area. Nordstrom also operates three full-line stores in greater Philadelphia.
“Nordstrom Rack is an ideal complement to Willow Grove Park’s strong anchors and fashion-oriented merchandise mix,” said Joseph F. Coradino, President of PREIT Services, LLC and PREIT-RUBIN, Inc. “We anticipate Nordstrom Rack will be very well received in the market and a significant draw for shoppers throughout greater Philadelphia.”
“Willow Grove Park mall is a great retail center that we’re thrilled to be joining,” said Geevy Thomas, president of Nordstrom Rack. “We’re very fortunate to have lots of great customers in the greater Philadelphia area and we hope we’ll be able to better serve them with another Rack location.”
Pennsylvania Real Estate Investment Trust (PREIT), founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company’s portfolio consists of 49 properties, including 38 shopping malls, eight strip and power centers, and three development properties. The Company’s properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 33 million total square feet of space. PREIT is headquartered in Philadelphia, Pa. The Company’s website can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.
About Willow Grove Park
Willow Grove Park is owned and managed by Pennsylvania Real Estate Investment Trust (PREIT). Willow Grove Park is a three-level, 1.2 million-square-foot super regional shopping mall, located north of Philadelphia in eastern Montgomery County. Anchored by Bloomingdale’s, Macy’s, Sears, and The Cheesecake Factory, Willow Grove Park boasts more than 130 leading, fashion-forward specialty stores. The Center’s magnificent Carousel ride attraction and elegant Victorian-inspired decor reflect its rich heritage as a development on the site of a famed amusement park. For more information, visit www.willowgroveparkmall.com.
Nordstrom, Inc. is one of the nation’s leading fashion specialty retailers, with 214 stores located in 29 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 116 Nordstrom full-line stores, 95 Nordstrom Rack stores, two Jeffrey boutiques and one clearance store. Nordstrom serves customers through its online presence at Nordstrom.com and through its catalogs. Nordstrom also 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.
SOURCE Nordstrom, Inc.