Nordstrom Rack to Open in Burbank, Calif.

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Mar 09, 2010, 01:30 ET

SEATTLE, March 9 /PRNewswire-FirstCall/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN) announced plans to open a new Nordstrom Rack in Burbank, Calif. The store is scheduled to open on October 21, 2010.

The 35,351-square-foot store will be located between T.J. Maxx and Michaels at Burbank Empire Center. The shopping center is conveniently located immediately off of the Golden State Freeway (I-5) and features a retail lineup that also includes Costco, Target, ULTA and Best Buy, among others. Burbank Empire Center is owned by investors in a fund managed by Principal Global Investors.

Along with the Burbank Empire Center Rack, Nordstrom plans to add three new Nordstrom Racks in the greater Orange County/Los Angeles area through 2011, including the Lakewood Center Rack in Lakewood, Calif. opening on October 14, 2010. In 2010 the company will also open two new Nordstrom stores at the Fashion Island mall in Newport Beach, Calif. on April 16 and at the Santa Monica Place mall in Santa Monica, Calif. on August 27.

"This is a great opportunity for us to better serve our Burbank area customers and further grow our Rack presence in Southern California," said Geevy Thomas, president of Nordstrom Rack. "We're looking forward to joining the strong retail mix at Burbank Empire Center and excited about opening our doors this fall."

Nordstrom Rack is the off-price retail division of Nordstrom, Inc., and carries merchandise from Nordstrom stores and Nordstrom.com at 50-60% off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores and purchased specially for Nordstrom Rack, with most at savings of 30-70% off.

Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 185 stores located in 28 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 112 Full-line stores, 70 Nordstrom Racks, two Jeffrey boutiques and one clearance store. Nordstrom also serves customers through its online presence at www.nordstrom.com and through its catalogs. Nordstrom, Inc. is publicly traded on the NYSE under the symbol JWN.

Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®. Principal Global Investors manages $215.4 billion* in assets primarily for retirement plans and other institutional clients. The company's investment capabilities encompass an extensive range of equity, fixed income and real estate investments as well as specialized overlay and advisory services.

* As of December 31, 2009. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®).

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