REAL ESTATE

Nordstrom to relocate to Del Amo Fashion Center as part of center’s redevelopment

BY Marianne Wilson

Seattle — Nordstrom said it plans to move its full-line store located at South Bay Galleria three miles south to Del Amo Fashion Center, Torrance, Calif. The two-level, 138,000-sq.-ft. store will open in 2015 as part of a major renovation of Del Amo Fashion Center that was announced Monday by Simon Property Group.

“While we’re grateful for the business we’ve been able to do at South Bay Galleria over the years, we feel relocating gives us our best chance to deliver a more compelling shopping experience,” said Erik Nordstrom, president of stores for Nordstrom. “We look forward to working with Simon and being part of this terrific redevelopment at Del Amo so that we can continue taking care of our South Bay area customers for many years to come.”

The announcement of Nordstrom’s arrival at Del Amo Fashion Center marks one of many significant upgrades Simon will undertake the center over the next two years. The redevelopment will commence in spring 2013 by replacing the existing food court with a transformed garden-inspired dining area and renovating the interior of a portion of the north mall, which will be completed by holiday 2013.

The redevelopment will also include enhancements to the ambience of the outdoor lifestyle village, the addition of a 1,800 car parking garage, planting of lush landscaping, upgraded parking throughout the entire mall property, new identity and informational signage, and improvements to facilitate customer circulation in and around the property. Completion of this work will be timed with the grand opening of Nordstrom in 2015.

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Mar-19-2013 01:51 am

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FINANCE

Report: Starbucks may reconsider U.K. tax payments

BY Staff Writer

New York — Starbucks Coffee Co. is considering changes to its tax practices in the U.K. in the wake of criticism from lawmakers, tax campaigners and the media, according to Reuters.

A Reuters examination of Starbucks accounts that was made public in October showed that the chain had reported 13 years of losses at its U.K. unit, even as it told investors the operation was profitable and among the best performing of its overseas markets, the report said.

The chain’s U.K. unit paid no corporation tax in the last three years for which figures are available and has only paid 8.6 million pounds income tax since 1998, despite racking up 3 billion pounds ($4.8 billion) of sales, Reuters said.

Starbucks has maintained that it had always complied with British tax laws. But a spokeswoman added in an emailed statement that the public mood had caused the company to reconsider its tax arrangements, which include intercompany royalty and interest payments that reduce the U.K. unit’s taxable profit, according to Reuters.

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REAL ESTATE

Dillard’s joins line-up for The Shops at Summerlin

BY Staff Writer

Dallas — The Howard Hughes Corp. and Dillard’s announced that the department store is the latest anchor to be part of The Shops at Summerlin, in West Las Vegas Valley. Dillard’s will build a two-level, 200,000-sq.-ft. foot in the center, with opening scheduled for fall 2014.

The Shops at Summerlin, when complete, will include retail, entertainment, office, hotel and multi-family residential, designed to create a walkable urban core in the heart of the 22,500-acre master planned community. It will feature over 125 stores and restaurants in an open-air shopping environment with pedestrian thoroughfares and engaging storefronts.

In September, the Howard Hughes Corp. announced Macy’s had signed on as the first anchor tenant at The Shops at Summerlin, which is anticipated to open in late 2014.

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