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VOL. 131 | NO. 44 | Wednesday, March 2, 2016

Nordstrom Rack to Open In East Memphis

By Madeline Faber

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After months of speculation, Nordstrom Rack has confirmed plans to open in Memphis.

Seattle-based Nordstrom Inc. announced Wednesday, March 2, that it will open a 33,000-square-foot store in fall 2017 at the site of the soon-to-close Sears store at 4570 Poplar Ave., adjacent to Laurelwood shopping center.

Nordstrom Rack will open in a new shopping center to be built on the site of the soon-to-close Sears store adjacent to Laurelwood.

(Nordstrom)

Nordstrom Rack is just one piece of a greater 135,000-square-foot shopping center to be developed by Seritage Growth Partners on the site of the former Sears, directly across Poplar from Oak Court Mall.

Dubbed Poplar Commons, the new retail offering will include “national retailers, specialty retailers and several well-known restaurants.”

The three-story Sears, which will close in mid-April, will have to be demolished to make way for what Nordstrom is terming a “newly built” center.

"We are pleased to announce our sixth lease in our portfolio with Nordstrom Rack, who will anchor a newly built, first-class shopping center in this thriving submarket of Memphis," said Benjamin Schall, chief executive officer and president of Seritage Growth Properties. "Once completed, this redevelopment will exemplify our ability to unlock significant real estate value by transforming well-located single-tenant parcels into institutional quality multi-tenant shopping centers."

Nordstrom Rack is the off-price retail division of upscale Nordstrom, offering 30 to 70 percent off top brands. Seritage also operates a Nordstrom Rack in Brentwood, Tenn., and a Nordstrom store in Nashville.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 91 158 16,219
MORTGAGES 98 179 18,735
FORECLOSURE NOTICES 13 36 2,497
BUILDING PERMITS 136 349 33,738
BANKRUPTCIES 63 115 10,429
BUSINESS LICENSES 30 47 5,350
UTILITY CONNECTIONS 24 53 6,326
MARRIAGE LICENSES 19 52 3,563