Neiman's Set for Expansion in Bay Area
Plans are in the works to bring a Neiman Marcus store to the Broadway Plaza shopping center in Walnut Creek, Calif., near San Francisco, said representatives of Santa Monica, Calif.–based Macerich Co., the center’s owner.
Dallas-based Neiman Marcus has signed a long-term ground lease with Macerich to develop a 100,000-square-foot department store, set to open in late 2010 or early 2011. The luxury retailer already has a presence in the Bay Area market, with stores in San Francisco and Palo Alto, Calif.
To make way for the new anchor, Macerich will demolish several existing structures. The expansion will displace several existing retailers, which are expected to relocate. Neiman Marcus will join Macy’s and Nordstrom as anchors of the 700,000-square-foot center. Nordstrom recently announced that it will expand its store.
Macerich still needs to secure approvals from the city of Walnut Creek, but company officials said they expect to start work on the property this fall.
“Broadway Plaza offers a perfect setting for Neiman Marcus,” said Wayne Hussey, senior vice president of properties for Neiman Marcus, in a statement. “This has long been the premier luxury shopping center in the East Bay, and we look forward to joining the strong retail lineup.” Sales at Broadway Plaza currently average about $760 per square foot, with rents averaging $47 per square foot, according to Securities & Exchange Commission filings. —Robert McAllister
