SEATTLE, June 22, 2015 /PRNewswire/ -- Seattle-based
Nordstrom, Inc. (NYSE: JWN) announced today plans to open Nordstrom
Rack at Waikiki Trade Center in Honolulu,
HI. The approximately 34,000-square-foot, two-level store is
scheduled to open in spring 2016. The property was acquired by
Coastwood Capital Group, LLC in late 2013.
Nordstrom first began serving the Honolulu community in 1966 with shoe
departments in Liberty House locations throughout the islands. When
it opens, it will be the second Nordstrom
Rack in Honolulu joining
Ward Village Shops. Nordstrom has also operated a full-line store
at Ala Moana Center since 2008, with plans to relocate that store
in March 2016 in the same center.
"We want Nordstrom Rack to be
Honolulu's destination for great
brands at great prices," said Geevy Thomas, president of
Nordstrom Rack. "We are thrilled to
have the opportunity to open a second location, making it more
convenient for customers shopping Waikiki, an area with great retail,
entertainment, hotels and restaurants."
The new Rack will be located at street level and is one of
several new retail developments located along Kuhio Avenue. Waikiki
Trade Center is on the corner of Kuhio Avenue and Seaside Avenue,
near the redeveloped International Marketplace, which will be
anchored by Saks Fifth Avenue, set to open in summer 2016.
"We are elated to be bringing Nordstrom
Rack to Waikiki as part of
our plan to bring new and exciting retail to the Waikīkī Trade
Center," said Cordell Lietz,
president of Coastwood Capital Group. "The addition of Nordstrom Rack is not only a key component to
our redevelopment plan but it will also continue the revitalization
of Kuhio Avenue, providing a popular shopping destination for
visitors and residents alike."
Nordstrom Rack is the off-price
retail division of Nordstrom, Inc., offering customers a wide
selection of on-trend apparel, accessories and shoes at an everyday
savings of 30 to 70 percent off regular prices. The Rack carries
merchandise from Nordstrom stores and Nordstrom.com, as well as
specially purchased items from many of the top brands sold at
Nordstrom. The Rack is designed to provide the ultimate treasure
hunt to style-savvy customers.
About Nordstrom
Nordstrom, Inc. is a leading fashion specialty retailer based in
the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 304 stores
in 38 states and Canada. Customers
are served at 118 Nordstrom stores in the U.S. and Canada; 178 Nordstrom Rack stores; two Jeffrey
boutiques; and one clearance store. Additionally, customers are
served online through Nordstrom.com, Nordstromrack.com and
HauteLook. The company also owns Trunk Club, a personalized
clothing service serving customers online at TrunkClub.com and its
five clubhouses. Nordstrom, Inc.'s common stock is publicly traded
on the NYSE under the symbol JWN.
Coastwood Capital Group
Coastwood Capital Group, LLC is a specialized real estate
investment firm based in San Francisco. Founded by
Cordell Lietz in 2003, the company
acquires, manages and develops real estate in the United States with an emphasis on retail
and other property types with unique operational characteristics.
Coastwood has been actively investing in Hawai'i for over a decade
and holds interests in several properties throughout Hawai'i
including International Market Place, Kings' Shops and Queens'
Marketplace.
MEDIA CONTACT:
Dan Evans
Nordstrom, Inc.
(206) 303-3036
dan.evans@nordstrom.com
Rachel Ross
Bennet Group
(808) 753-5714
rachel@bennetgroup.com
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SOURCE Nordstrom, Inc.