|View printer-friendly version|
|Neiman Marcus and Nordstrom Coming to Quaker Bridge Mall|
- Additional Small Shop Space and Parking Area Also Announced -
LAWRENCEVILLE, N.J., May 19 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE: SPG), and Kravco Simon Company announced today that two of America's premier retailers, Neiman Marcus and Nordstrom, plan to join the retail lineup at Quaker Bridge Mall in Lawrenceville, N.J.
"This is a milestone event for Quaker Bridge Mall," said Richard S. Sokolov, president and chief operating officer of SPG, the country's largest owner, developer and manager of high quality retail real estate. "The addition of Neiman Marcus and Nordstrom and the renovation of the mall will transform this property and is an ideal fit for our Quaker Bridge customer who expects nothing less than extraordinary merchandise and service."
Sokolov added, "We are now embarking on the approval process that will enable us to accomplish this exciting plan."
Quaker Bridge Mall, located on U.S. Route 1, is a 1.1 million square-foot property, anchored by JCPenney, Lord & Taylor, Macy's and Sears. The addition of Neiman Marcus and Nordstrom is part of a major expansion and redevelopment for Quaker Bridge Mall announced in September 2005.
Including the Neiman Marcus and Nordstrom stores, Simon hopes to add approximately 600,000 square feet of gross leasable area to the mall. Shoppers will find an attractive array of new retailers and restaurants. Structured parking will also be added to provide greater customer convenience.
"Lawrence Township is very excited about Simon's proposed upgrade and expansion of the Quaker Bridge Mall," said Lawrenceville Mayor Michael Powers. "With the addition of upscale retailers Neiman Marcus and Nordstrom, the Quaker Bridge Mall will be the premier destination for shoppers. This is wonderful news for the mall and Lawrence Township residents."
Neiman Marcus, the legendary Dallas-based retailer, is scheduled to occupy about 90,000 square feet on two levels.
Nordstrom, a leading fashion specialty retailer, is scheduled to occupy about 144,000 square feet on two levels. Both are expected to open in spring 2010.
"We are very pleased to be able to join such a strong retail lineup at Quaker Bridge Mall and we look forward to being associated with another successful Simon center," said Wayne Hussey, senior vice president of properties for Neiman Marcus.
"We are excited to open a new Nordstrom store as part of the Quaker Bridge Mall redevelopment project," said Erik Nordstrom, president of stores for Nordstrom. "We've been so fortunate to have loyal customers throughout New Jersey and hopefully this new store will provide another convenient shopping location."
Simon Property Group, Inc., an S&P 500 company headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet(R) centers and community/lifestyle centers. The Company's current total market capitalization is approximately $42 billion. Through its subsidiary partnership, it currently owns or has an interest in 285 properties in the United States containing an aggregate of 200 million square feet of gross leasable area in 39 states plus Puerto Rico. Simon also owns interests in 51 European shopping centers in France, Italy, and Poland; 5 Premium Outlet centers in Japan; and one Premium Outlet center in Mexico. Additional Simon Property Group information is available at http://www.simon.com . Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG.
Kravco Simon Company (formerly Kravco Company) has been managing and developing commercial real estate, primarily regional shopping malls, for over 50 years. Headquartered in King of Prussia, Pennsylvania, Kravco Simon currently manages over 14 million square feet of commercial real estate located in Pennsylvania, New Jersey, Maine and Florida. For additional information about Kravco Simon Company and its managed properties, go to http://www.kravcosimon.com .
The Neiman Marcus Group operations include the Specialty Retail Stores division and the Direct Marketing division. The Specialty Retail Stores division consists primarily of Neiman Marcus and Bergdorf Goodman stores. These renowned retailers offer upscale assortments of apparel, accessories, jewelry, beauty and decorative home products to the affluent customer.
Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 156 US stores located in 27 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 99 Full-Line Stores, 49 Nordstrom Racks, five Faconnable boutiques, one freestanding shoe store and two clearance stores. Nordstrom also operates 34 Faconnable boutiques in Europe. Additionally, Nordstrom serves customers through its online presence at http://www.nordstrom.com and through its catalogs. Nordstrom, Inc. is publicly traded on the NYSE under the symbol JWN.
SOURCE Simon Property Group, Inc.