Market Overview

Nordstrom To Relocate To Del Amo Fashion Center From South Bay Galleria

SEATTLE, Dec. 3, 2012 /PRNewswire/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) today announced plans to move its full-line store located at South Bay Galleria three miles south to Del Amo Fashion Center in order to better serve customers throughout the South Bay area. The two-level, 138,000 square-foot store will open in 2015 as part of a major renovation of Del Amo Fashion Center.

Relocating will allow the company to build a brand new store featuring the latest design concepts and join a revitalization effort that will transform Del Amo into one of the region's top fashion destinations.

"We feel fortunate that we've been able to serve South Bay for nearly 30 years and are excited about this chance to bring a better store to our loyal customers here," said Erik Nordstrom, president of stores for Nordstrom, Inc. "While we're grateful for the business we've been able to do at South Bay Galleria over the years, we feel relocating gives us our best chance to deliver a more compelling shopping experience. We look forward to working with Simon and being part of this terrific redevelopment at Del Amo so that we can continue taking care of our South Bay area customers for many years to come."

As Simon announced today, Del Amo will undergo a comprehensive redevelopment beginning next year. Planned upgrades include a redeveloped north wing that will feature other fashion and specialty retailers along with Nordstrom. The renovation will also result in more parking, improved customer access to the mall, an updated garden-inspired dining area, fresh landscaping, interior refurbishments and numerous other amenities throughout the center. Del Amo Fashion Center is owned by Simon Property Group, Inc. (NYSE: SPG), the world's leading retail real estate company and institutional investors advised by J.P. Morgan Asset Management. 

"We're thrilled Nordstrom will join Del Amo Fashion Center," said David Contis, president of Simon's Mall platform. "Their arrival highlights our efforts to further enhance the property's retail cache as the preeminent shopping destination for the South Bay and Palos Verdes peninsula communities. The addition of Nordstrom is a key piece of our plan at Del Amo to bring the best retailers to our already impressive line-up of anchor and specialty stores, including many new luxury retailers."

About Simon Property Group

Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and the largest real estate company in the world.  The Company currently owns or has an interest in 331 retail real estate properties in North America and Asia comprising 241 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S.  For more information, visit the Simon Property Group website at www.simon.com.

About Nordstrom

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.

About J.P. Morgan Asset Management – Global Real Assets

J.P. Morgan Asset Management – Global Real Assets has approximately $63.2 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of September 30, 2012.  With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets' broad capabilities provide many of the world's most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.

Media Contacts
Simon Property Group:
Les Morris, (317) 263-7711, LMorris@Simon.Com

Nordstrom:
Colin Johnson (206) 303-3036, colin.johnson@nordstrom.com

(Logo: http://photos.prnewswire.com/prnh/20001011/NORDLOGO)

SOURCE Nordstrom, Inc.

 

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