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TheStreet Open House

Nordstrom Rack To Open In Springfield, Va.

Stocks in this article: JWNPEIVNO

SEATTLE, Aug. 20, 2014 /PRNewswire/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open a Nordstrom Rack at Springfield Town Center in Springfield, Va. The approximately 33,000-square-foot store is scheduled to open in spring 2015.

Nordstrom Rack storefront.

Located at the intersection of I-95, I-395 and the Capital Beltway, the new Nordstrom Rack is part of a total renovation and redevelopment effort that will bring in new retailers, restaurants and entertainment to Springfield Town Center. Current anchor tenants include Macy's, Target and JCPenney.

"We believe Springfield Town Center represents the best of shopping and entertainment in the area and are thrilled to be a part the retail mix," said Geevy Thomas, president of Nordstrom Rack. "We're grateful for the tremendous support we've had from our Virginia and D.C. metro area customers over the years. This additional store will be more convenient for customers who have been making the drive to shop our stores in Arlington and Vienna."

When it opens, the Rack at Springfield Town Center will be the sixth Rack in Virginia. The company operates five Nordstrom stores in the state as well.

"We are thrilled to have Nordstrom Rack join the growing lineup of sought-after retailers at the fully redeveloped Springfield Town Center," said PREIT CEO Joseph F. Coradino. "We look forward to offering customers a differentiated retail experience this fall with the grand re-opening of Springfield Town Center as well as the introduction of more exciting tenants to serve our shoppers."

Nordstrom Rack is the off-price retail division of Nordstrom, Inc., offering customers a wide selection of on-trend apparel, accessories and shoes at an everyday savings of 30-70 percent off regular prices. The Rack carries merchandise from Nordstrom stores and Nordstrom.com, as well as specially purchased items from many of the top brands sold at Nordstrom. The Rack is designed to provide the ultimate treasure hunt to style-savvy customers.

About Nordstrom Nordstrom, Inc. is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 270 stores in 36 states, including 116 full-line stores, 151 Nordstrom Racks, two Jeffrey boutiques, and one clearance store. Nordstrom also serves customers through Nordstrom.com, the newly developed e-commerce site Nordstromrack.com, and its online private sale site, HauteLook. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.

About Springfield Town Center Springfield Town Center, located in Fairfax County, Virginia, is a 1.35 million-square-foot regional shopping destination presently undergoing a full scale redevelopment. The property is currently owned by Vornado Realty Trust (NYSE: VNO) and is under agreement to be acquired by PREIT (NYSE: PEI).

About Pennsylvania Real Estate Investment Trust PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve.  Founded in 1960 as Pennsylvania Real Estate Investment Trust, the company owns and operates over 30 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at preit.com or on Twitter or LinkedIn.

MEDIA CONTACTS: Naomi TobisNordstrom, Inc.(206) 303-4250 naomi.tobis@nordstrom.com

Heather CrowellPREIT(215) 454-1241 crowellh@preit.com

Nordstrom Incorporated logo.

Photo - http://photos.prnewswire.com/prnh/20130222/SF64843

Logo - http://photos.prnewswire.com/prnh/20001011/NORDLOGO

SOURCE Nordstrom, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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