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Nordstrom Rack To Open In Anchorage

SEATTLE, March 12, 2014 /PRNewswire/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open a Nordstrom Rack at The Mall at Sears in Anchorage, Alaska. The approximately 35,000-square-foot store is scheduled to open in fall 2015. The Rack location at The Mall at Sears is a development by Seritage Realty Trust, a division of Sears Holdings Corporation

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 30-70 percent off regular prices. The Rack carries merchandise from Nordstrom stores and, 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.

Nordstrom first came to Anchorage in 1975 and the new Rack will be approximately two miles south of the full-line store. The Mall at Sears is located in the heart of Anchorage's midtown.

"We are grateful for the nearly 40 years of business and support from our customers in Anchorage," said Geevy Thomas, president of Nordstrom Rack. "We're thrilled that an opportunity became available to bring a Rack store to this community and offer our customers an additional way to shop with our company."

As part of Seritage Realty Trust's redevelopment, Nordstrom Rack will occupy a newly created, single-level suite within a portion of the Sears store. Sears will continue to serve as the primary mall anchor and will benefit from a complete interior remodel, new storefront and upgrade to its existing façade as a part of the comprehensive strategic plan for the property.  

"We are very proud to welcome Nordstrom Rack as an important co-tenant in our redevelopment of the Sears property at The Mall at Sears along with a fully redesigned Sears store and other high-quality retailers," said David Lukes, chief executive officer of Seritage Realty Trust. "This property is a wonderful asset in a mature and stable trade-area and will continue to serve customers in the years ahead."

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 262 stores in 35 states, including 117 full-line stores, 142 Nordstrom Racks, two Jeffrey boutiques and one clearance store. Nordstrom also serves customers through and in the online private sale marketplace, HauteLook. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.

About The Mall at Sears
The Mall at Sears is Anchorage's first shopping center and is located in the heart of Anchorage's bustling midtown district. The 232,100-square-foot enclosed shopping mall, which recently completed an extensive exterior remodel and new main entrance, is anchored by Sears and Carr's/Safeway as well as a variety of shops, including Famous Footwear, GNC, Wells Fargo and Foot Locker.

About Seritage Realty Trust
Seritage Realty Trust, LLC is a nationwide developer of commercial real estate. Leveraging a portfolio that contains more than 200 properties in 33 states, the company offers quality retailers and other commercial users' unique access to mature suburban and urban markets within tailored redevelopment projects of exceptional design and operational standards.

Naomi Tobis
Nordstrom, Inc.
(206) 303-4250

Howard Riefs
Sears Holdings Corp. (for Seritage)
(847) 286-7562

Nordstrom Incorporated logo.

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SOURCE Nordstrom, Inc.