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If you are addicted to fashion, then I have good news that should brighten your shopping days. Macerich Co. (NYSE: MAC) announced Tuesday that retailer Nordstrom Inc. (NYSE: JWN) will become the anchor at Santa Monica Place after the mall reopens. The mall itself, which is scheduled to reopen in the fall of 2009, is seeing a major renovation from an enclosed shopping center to a three-level, 550,000-square-foot open-air retail plaza linking to the Third Street Promenade.
Leading fashion specialty retailer Nordstrom has signed a letter of intent to open a three-level, 122,000-square-foot store in the fall of 2010. "The extraordinary appeal of Nordstrom is a great match for this exceptional market, and for what we believe will be a one-of-a-kind retail project two blocks from the beach in downtown Santa Monica," Randy Brant, executive vice president, real estate, for Macerich stated.
The plan for the Nordstrom store at Santa Monica Place was one of three Nordstrom deals at Macerich properties . Nordstrom also revealed plans to relocate its Cerritos store at Los Cerritos Center shopping center to a new location in the center and build a new 138,000-square-foot two-level store, scheduled to open in spring 2010. The company also announced it plans to remodel and expand its Broadway Plaza store at Walnut Creek in Northern California.
Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.
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