After almost 55 years as a Lloyd Center anchor, Nordstrom will close its Lloyd Center store at the end of 2014, announcing that 220 non-seasonal employees who want to continue working with the firm “will likely have a position available for them.” Nordstrom, operating 260 stores in 35 states, also announced the closure of its Vancouver Mall store in Washington.
Erik Nordstrom, president of Nordstrom stores, said the decision to close both stores was not an easy one, “because we’ve been doing business at Lloyd Center and Vancouver Mall for a long time; and we care a great deal about the community, our customers and our employees here.” Nordstrom explained that both stores, “just haven’t performed to the level we need them to, and investing in remodels to possibly make them more successful doesn’t pencil out. It doesn’t make good business sense to continue operating them after our agreements end.”
At the same time, Cypress Equities, Lloyd Center managers, announced the intent to purchase Nordstrom’s 130,000-square-foot building as part of the historic mall’s recently announced renovation plans.
“As one of the first Nordstrom locations in the country, we recognize the great history that the renowned retailer established at Lloyd Center. However, as we begin to embark on our plans to enact significant change at the shopping center, we are excited about the opportunity to remake the space into something that is truly unique in the city of Portland,” stated Todd Minnis, Cypress Equities Real Estate Investment Management chief investment officer. “We have reached an agreement with Nordstrom to reclaim the space so that Cypress will have complete control of the future of this prime real estate [and] anticipate making an exciting announcement regarding our plans later this year.”
Cypress Equities anticipates taking possession of the Nordstrom space in January 2015. “We believe the Nordstrom building might better serve Lloyd Center shoppers if it featured alternative uses,” said Chris Maguire, Cypress CEO. “Our leasing team is exploring other retail and service options that will not only complement the mall’s existing merchant mix, but provide our shoppers with unique offerings not available at other Portland-area shopping centers.”