Neiman Marcus Anchors $300M Mall Addition

CANOGA PARK, CA-A new 120,000-sf Neiman Marcus department store will anchor a $300-million, 600,000-sf expansion and redevelopment of the one-million-sf Westfield Shoppingtown Topanga regional mall, according to Westfield and Neiman Marcus officials. The new store is slated to open in the spring of 2008, with 100 new specialty shops also slated for the expansion.The two-level Neiman Marcus store will join an existing list of retailers at the Topanga shopping venue that includes Robinsons-May, Sears and Nordstrom along with 129 specialty stores. The Topanga center has traditionally ranked among the top 10 shopping centers in California in sales volume.Neiman Marcus sees the Topanga location as an entry into the huge San Fernando Valley market and an expansion of its presence in Southern California, where the department store chain also operates stores in Beverly Hills, Newport Beach and San Diego, according to Burton M. Tansky, president and CEO of the Dallas-based retailer.In addition to the new Neiman Marcus, Westfield Topanga's expansion and redevelopment will include at least one additional anchor and more than 100 new specialty retail shops, restaurants, a cafe-style food pavilion, and three new covered parking structures. The completed expansion will bring the total redeveloped center to 1.6 million sf. Construction is expected to begin on the expansion in the spring, for an anticipated fall 2006 grand opening, followed by the opening of the Neiman Marcus in 2008. The Neiman Marcus stores are operated by publicly held Neiman Marcus Group Inc., which operates 35 Neiman Marcus stores across the US and two Bergdorf Goodman stores in Manhattan. The company also operates a direct marketing division of print catalog and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names. Los Angeles-based Westfield is the US arm of Australia's publicly held Westfield Group, which owns interests in 126 shopping centers in Australia, New Zealand, the United Kingdom and the US. Its US holdings include 66 shopping centers that operate under the Westfield Shoppingtown's name.