SEATTLE, Aug. 23, 2012 /PRNewswire/ -- Seattle-based
Nordstrom, Inc., (NYSE: JWN) announced today plans to open a new
Nordstrom Rack at The Newbry in Boston's Back Bay neighborhood, further
expanding its presence in the Boston market to four full-line stores and
four Nordstrom Racks. The approximately 38,000 square-foot,
two-level store is scheduled to open spring 2013.
Nordstrom Rack is the off-price
retail division of Nordstrom, Inc., carrying on-trend merchandise
from Nordstrom stores and Nordstrom.com at 50 to 60 percent 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.
These items are purchased specially for Nordstrom Rack, with most at savings of 30 to 70
percent off.
The Newbry is a conveniently located urban project on Boylston
Street— with Copley Place and the Prudential Center nearby as well
as Newbury Street, home to several boutiques. The new Nordstrom Rack will be located in the former
Filene's Basement space and joins cotenants Boston Sports Club,
Citigroup, H&M and Victoria's
Secret. The Newbry is owned by TIAA-CREF and managed by CBRE/New
England Partners, LP.
"Nordstrom Rack is making its
home in one of Boston's premier
shopping districts," said Mayor Thomas M.
Menino. "It joins several new retailers opening in The
Newbry building that are offering high quality products at
affordable prices - signaling the stability of Boston's retail economy. I look forward to
doing some shopping there."
"Nordstrom Rack's opening in the
Back Bay exemplifies Boston's
resiliency and strength as a retail market," stated Jeremy Grossman, Senior Vice President/Principal
of CBRE/Grossman Retail Advisors, whose firm helped procure the
deal. "As one of the industry's premier retailers, Nordstrom Rack will be a great addition to the
city."
"We want to be a part of the very best retail locations and The
Newbry is a terrific center that serves the residents of downtown
Boston, commuters and tourists,"
said Geevy Thomas, president of Nordstrom
Rack.
This newest Boston Rack also reflects the retailer's strategy to
increase speed and convenience to improve the customer experience.
Nordstrom Rack plans to further its
use of technology with the recent introduction of mobile check-out
devices in all of its existing Boston locations and will open with these new
capabilities in Bay Back as well. "Serving customers on their terms
is key to how we want to take care of Bostonians," said Thomas.
About CBRE | Grossman Retail Advisors, LLC
CBRE/Grossman Retail Advisors, LLC (CBRE/GRA) is a joint-venture
between CB Richard Ellis – N.E. Partners, LP and Grossman
Commercial Real Estate Group, Inc. CBRE/GRA was formed in 2009
to create the premier retail service provider for its clients.
CBRE/GRA combines the network and resources of the largest
commercial real estate service company in the United States with the focus of local
knowledge and expertise. In today's challenging market, CBRE/GRA
provides a one-stop source for its retail clients, creating
innovative solutions to complex problems facing property owners and
developers. Please visit our website at www.cbre.com/gra.
About Nordstrom
Nordstrom, Inc. is one of the nation's leading fashion specialty
retailers. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 231 stores
in 31 states, including 117 full-line stores, 110 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.
MEDIA CONTACT:
Kendall Ault
Nordstrom, Inc.
(206) 303-3019
(Logo: http://photos.prnewswire.com/prnh/20001011/NORDLOGO)
SOURCE Nordstrom, Inc.