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The Region

Nordstrom to Develop Store at Oaks Mall

September 09, 2003|From a Times Staff Writer

The owner of The Oaks shopping center announced Monday that it had reached a deal to bring the first Nordstrom department store to Ventura County.

Macerich Co. of Santa Monica, which has interests in 56 regional malls, negotiated for more than a year with the upscale retailer to open a store in Thousand Oaks by late 2006 as part of a major renovation and expansion of the 25-year-old mall.

Randy Brant, senior vice president, said Macerich expected to spend more than $100 million on improvements to the center, now anchored by Robinsons-May, Macy's and JCPenney, by adding 80,000 square feet of space.

That price tag does not include the cost of constructing the new Nordstrom, which the retailer will develop itself. The mall now has 1.1 million square feet of space.

Macerich purchased the mall in June 2002 for $153 million and held several meetings this spring with shoppers to determine what enhancements they wanted to see. "It's just amazing to me the excitement level this market has shown in wanting Nordstrom," Brant said.

Gary Wartik, the city's manager of economic development, said the expanded mall would create 200 to 300 jobs.

The local Nordstrom is expected to generate more than $50 million in sales after its first year, which translates into a $500,000 yearly boost in sales taxes to the city.

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