According to Mark Palombaro, senior vice president of development at Simon Property Group, the new Nordstrom Rack will occupy a building that formerly housed Wow, the Good Guys and Tower Records/Video concept store. The location is on the west side of the mall.
In addition to its Rack stores, Nordstrom also operates five full-line stores in Orange County at South Coast Plaza in Costa Mesa, Brea Mall, Main Place Mall in Santa Ana, the Shops at Mission Viejo and the Irvine Spectrum. The latest tally shows that Nordstrom operates 50 of the Rack stores. The Rack format is the company's off-price retail division, typically offering savings of 30% to 75% on merchandise from Nordstrom full-line stores and the company's online store at Nordstrom.com, as well as special purchase items.
Laguna Hills Mall, built in 1973, was renovated in the mid-1990s and has been owned by Simon Property Group since 1997. It is anchored by Macy's, JC Penney and Sears, with about 100 specialty stores.
The opening of the new Nordstrom Rack is part of a long-range growth plan that Nordstrom execs have outlined in recent conference calls. The department store chain has approved a $3-billion capital expenditures budget for the next five years, with 80% of that budget earmarked for new stores, store relocations and store remodels. The plan calls for opening eight new stores and relocating one in 2008.
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