REAL ESTATE

REI heading to Fairbanks, Alaska

BY Marianne Wilson

Seattle — REI will open a store in Fairbanks, Alaska, in the spring of 2014.

The 30,000-sq.-ft. store will house a bike shop, and ski and snowboard shop offering assembly and repair services, and host free in-store classes.

"Whether hiking, skiing or practicing yoga, Alaskans are some of the most active people in the country," said Kevin Golic, REI retail director for the Washington and Alaska district.

REI has a long history in Alaska, dating back to its store in Anchorage, opened in 1979.

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REAL ESTATE

Office Depot selects Boca Raton for headquarters

BY Staff Writer

Boca Raton, Fla. — Office Depot has selected Boca Raton, Fla., for its global headquarters rather than the Naperville, Ill., corporate home of its merger partner OfficeMax.

In November, Office Depot Inc. and OfficeMax completed their merger and took the name Office Depot. The new company will use Office Depot’s existing corporate campus in Boca Raton.

“Selecting the headquarters location is a critical step toward integrating our two companies,” said Roland Smith, chairman and CEO, Office Depot, Inc. “Both Florida and Illinois have many positive attributes, but our analysis concluded that Boca Raton provides the best platform for us to achieve planned synergies, leverage assets to drive improved profitability, and launch a compelling vision for the future.”

Office Depot will maintain a presence in Naperville throughout the headquarters transition and accompanying integration activities.

The company has about 1,600 workers in Illinois and 1,700 in Boca Raton.

The location of Office Depot and OfficeMax stores, customer service centers, warehouses and distribution centers are not affected by the selection of the headquarters location.

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REAL ESTATE

Nordstrom Rack to increase New Jersey footprint

BY Marianne Wilson

Seattle — Nordstrom announced plans to open a Nordstrom Rack at Livingston Center in Livingston, N.J. The approximately 32,155-sq.-ft. store is scheduled to open in fall 2014.

The developer for the project is G&S Investors.

"We’re excited about the opportunity to open our third Nordstrom Rack in New Jersey at a great location in the Livingston community," said Geevy Thomas, president of Nordstrom Rack.

The first Rack store opened at Bergen Town Center in 2009, and the Livingston Center Rack will be the third Rack to open in the state. Nordstrom operates five full-line stores in New Jersey.

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