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Nordstrom signs Lol to open three new stores in Boston

16
Feb '06
Seattle-based Nordstrom Inc, a leading fashion specialty retailer, has signed letters of intent (Lol) with Simon Property Group Inc, the country's largest owner, developer and manager of quality retail real estate, to open three new Nordstrom stores in the greater Boston area.

The new stores will be located in Burlington, Braintree and Peabody, Mass., and, subject to the receipt of the applicable local approvals, will open over the next several years.

Blake Nordstrom, President of Nordstrom said, "We've wanted to be part of this community for more than 25 years and we are excited to have the opportunity to quickly expand our presence in the greater Boston area."

"Our team is looking forward to getting our doors open in Natick in 2007. We're pleased to announce these three additional locations where we plan to open one store each year through 2010," he added.

Richard Sokolov, President and Chief Operating Officer of Simon Property Group said, "This is certainly a noteworthy day for the entire Boston area and its shoppers."

"We're thrilled to bring Nordstrom to three of our outstanding properties in New England. This obviously furthers our goal of attracting quality retailers to our top retail locations," Sokolov said.

"These proposed additions," Sokolov continued, "would be accompanied by significant redevelopment at all three properties which would provide additional retail space for restaurants and specialty stores.We look forward to working with the appropriate agencies and officials in the communities of Braintree, Burlington and Peabody to obtain the approvals necessary to implement these exciting redevelopment plans."


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