X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SILVER SPRING, MD-High-end retailer Nordstrom saiys it will close its discount store in this Washington suburb when the lease expires January 2002. The retailer cited less-than-stellar growth as the reason for closing the store, a 37,000-sf space at the City Place Mall here.

The closing comes as Montgomery County officials try to revitalize the area, and even as Nordstrom plans to open a similar discount store in Northern Virginia. Both mall and county officials downplayed the departure.

“We have enjoyed them, [but] there is a major redevelopment going on in Silver Spring,” says Aurelia Martin, marketing manger for the property, which is owned by McLean, VA, developer Dierman Realty. “We have plans on the board to change City Place; we’re are moving right along with this redevelopment.”

“It’s a darn shame to see Nordstrom Rack go, [but] it raises some interesting possibilities for City Place to be part of this Downtown redevelopment, “Mel Tull tells GlobeSt.com. Tull is enterprise zone administrator for the Silver Spring Regional Center, an arm of the office of the county executive.

The center is pushing a three-phase retail, entertainment and office development that is anchored on one corner by the existing City Place Mall. City Place comprises an AMC 10 Theatre, a Ruby Tuesday restaurant and various discount retailers including Burlington Coat Factory and Marshalls. The new development boasts a Fresh Fields supermarket, a high-end grocer that is part of the Austin, TX-based Whole Foods Market chain; a Borders bookstore; class A office space and a new theater for the American Film Institute.

Foulger Pratt is the main contractor on the project, including the AFI theater, and Peterson Cos. is the leasing agent.

Nordstrom spokeswoman Tracy Overby declined to discuss specific sales performance for the Silver Spring store, but the company reported that same-store sales during June 2001 increased 1.4% versus June 2000. Year-to-date same store sales have declined 2.2%.

Overby also says the company plans to put a new 35,000-sf Nordstrom Rack in the bustling Northern Virginia suburbs, within the 144,000-sf Dulles Town Crossing shopping center. The retailer plans to open that store in November.

Nordstrom, which operates 77 high-end department stores and 39 Nordstrom Racks, has discount stores in Towson, MD, Springfield, VA, and Gaithersburg, MD as well as a high-end store at Pentagon City Fashion Center Mall in Arlington, VA.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.