Magnificent Mile Gets Nordstrom Rack Store: Will the Mile Go Discount?

January 28, 2010

Daily Real Estate Updates

sudler-sothebys-logo28 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.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today's chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy's educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals - both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through 'pit bull' negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or stacy.braack@sothebysrealty.com

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