28 January 2010 ?Last Friday, Nordstrom, Inc. announced plans to open a second Nordstrom Rack alongside the Magnificent Mile. The company currently operates one location on South State Street. That store opened in 2003. ?We have a lot of great Chicagoland customers and want to give them yet another way to shop with us,? Scott Meden, president of Seattle-based Nordstrom Rack, said in a release. The new store will occupy the space at Chicago and Rush, previously occupied by CompUSA. The 36,000-square-foot Nordstrom Rack will occupy both a first level entry and upper level retail space, a setup which commands less rent. This will be the Chicago area?s seventh Nordstrom Rack ? known for carrying merchandise from its flagship stores at heavily discounted prices. It is scheduled to open this fall. Despite a downturn in many retail segments, same store sales at Nordstrom Rack increased 3% in the quarter ending October 31, 2009. In the same time period, Nordstrom same store sales decreased 4.2% from the previous year. The company increased its number of full-line stores from 109 to just 112 since November 2008, but it’s Rack locations increased from 56 to 69 stores. Building owner and Zara founder Amancio Ortega is also marketing the space previously occupied by American Girl, which moved to the old Lord & Taylor space in Water Tower Place located at 700 N. Michigan Ave in Fall 2007. The Mag Mile currently has a vacancy rate of 7.2%, its highest since 1992.Email This Post To a Friend.
Magnificent Mile Gets Nordstrom Rack Store: Will the Mile Go Discount?
January 28, 2010
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