 |
|
|
|
|
|
|
|
| VICTORIA WARD ANNOUNCES NORDSTROM AS ANCHOR TENANT |
| By: Victoria Ward, Limited, 11/15/2001 |
|
HONOLULU-Victoria Ward, Limited announced today that Seattle-based specialty retailer Nordstrom Inc. has signed a letter of intent to open a full-line department store at Victoria Ward Centers in fall 2005. Under a separate lease agreement, also announced today, Nordstrom's two existing freestanding shoe stores will relocate to Ward Center in June 2002. The shoe stores will be incorporated into the Nordstrom store when it opens.
"These are exciting times for Victoria Ward Centers. We are in a period of customer-focused expansion and development, and now we are delighted to be welcoming Nordstrom into a greatly expanded role as an anchor tenant. We will be expanding the already diverse retail offerings on the Ward Warehouse block," said Mitch D'Olier, president and chief executive officer of Victoria Ward, Limited. "With its legendary Hawaii and nationwide reputation for customer service, selection, quality and value, Nordstrom will
significantly enhance the quality and character of retailing in Hawaii. And by making this commitment now, I believe Nordstrom is casting a strong and very welcome vote of confidence in Hawaii and the prospects for our state's economy."
Nordstrom first started serving Hawaii consumers more than 35 years ago, when it began operating the Liberty House shoe departments. When Liberty House terminated the agreement in 1997, Nordstrom opened two freestanding shoe stores at Ala Moana Center, one for men and one for women and children. In August 2000, Nordstrom expanded its presence in Hawaii by opening its off-price retail store, Nordstrom Rack, which is located at Victoria Ward Centers.
The company said that it has been actively seeking a site for a full-line store in Hawaii for the last ten years. "We have been fortunate to be a part of this community for more than 35 years and we're pleased that this agreement will finally allow us to better serve the needs of the local customer," said Blake Nordstrom, president, Nordstrom, Inc. "The redevelopment of Ward Centers is an incredibly exciting project and we believe it will offer customers a strong retail environment. We're happy we'll be a part of it."
The addition of the Nordstrom department store is part of a larger plan by Victoria Ward, Limited to create an authentic urban street experience. "Our long-term vision for Victoria Ward Centers is to create a truly urban street experience," said D'Olier. "We want to
expand the residential opportunities in the area for those who seek a truly urban lifestyle: shopping, dining, entertainment and activities all within walking distance from your doorstep. We plan to redevelop the block including the Ward Warehouse site, and provide even greater opportunities for our existing merchants. We've always encouraged our merchants to grow with us, and we're always evaluating their progress. Victoria Ward Centers will be an urban street experience, a place that offers just about everything you want to do." The redeveloped area is anticipated to include 400,000 square feet of new retail space to accompany the new Nordstrom store.
Celebrating 100 years of service, Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 132 U.S. stores located in 25 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 80 full-line stores, 45 Nordstrom Racks, four Faconnable boutiques, two freestanding shoe stores, and one clearance store. Nordstrom also operates 22 international Faconnable boutiques, primarily in Europe. Additionally, Nordstrom serves customers through its online presence at www.nordstrom.com and its direct mail catalogs. Nordstrom, Inc. is publicly traded on the New York Stock Exchange under the symbol JWN.
|
|
|
|
|
|
|
|
|
|
|
|
