NEW YORK CITY-Federated Department Stores Inc. late yesterday revealed a deal to develop a 124,000-sf Bloomingdale’s in SoHo. Construction on the Downtown project, which will be Bloomingdale’s second Manhattan store, is scheduled to begin in the spring, with an opening planned for fall 2003.

“Bloomingdale’s represents many firsts–in fashion, in unique approaches to merchandising and now in location,” says Terry J. Lundgren, Federated’s president and chief operating/merchandising officer. “Bloomingdale’s has been a special tradition for New Yorkers and visitors to this great city for more than a century, and now as the only department store located in the vibrant SoHo area, Bloomingdale’s will bring its most innovative styles to one of the city’s most creative neighborhoods.”

“SoHo is a premiere downtown location and the community surrounding the area is such a vital part of New York,” agrees Michael Gould, chairman and chief executive officer of Bloomingdale’s. “We look forward to working with them in their many valuable endeavors.”

The new Bloomingdale’s store will be located in the former Canal Jeans building at 504 Broadway between Spring and Broome Streets. An extensive build out will result in a six-level store designed to retain SoHo’s loft character. Much of the original interior brick walls will be left exposed and windows will be left uncovered to allow natural daylight into the store.

Bloomingdale’s, a division of Federated, was founded in 1872 and operates 26 stores in New York, New Jersey, Massachusetts, Pennsylvania, Maryland, Virginia, Illinois, Minnesota, Florida and California. Department store retailer Federated, with corporate offices in Cincinnati and New York, boasts annual sales of more than $15.6 billion and currently operates more than 450 stores in 34 states, Guam and Puerto Rico.

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