Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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DEPARTMENT STORES 74 • SHOPPING CENTER BUSINESS • December 2017 the locations of both the Macy's and Bloomingdale's flagships in Manhattan, Nordstrom is located conveniently to both bus and subway express and local stops, key to customer accessibility. In addition to the full line women's store of approximately 300,000 square feet, Nordstrom will also open a free- standing men's store of approximately 47,000 square feet across the street. The men's store will open in spring 2018, with the full-line women's store opening a year later. With these new store projects in pro- cess, there has been another significant turn of events. The Hudson Bay Compa- ny, in an effort to raise cash, has agreed to sell its Fifth Avenue Lord & Taylor flagship to WeWorks for $850 million. Lord & Taylor will continue to operate about a quarter of the space on the lower floors, while the balance of the building will be used for the WeWork headquarters and other office space. The move is evolu- tionary — the juxtaposition of a traditional East Coast retailer and the new vision of entrepreneurial working space. The 19th Century founder of iconic Selfridge's on Oxford Street in London is reported to have said that "a store should be a social center." One has to believe that the new entries into the New York City department stores understand that adage well, and will be up to the challenge of the dynamic omni-channel world. SCB Stephen Stephanou is principal of Crown Retail Services in New York City. He represents national and international retailers and landlords in the market, including Nordstrom Rack, and has rolled out expansion programs for retailers like Kate Spade. www.envoynnn.com Up to 100% Financing For micro-hospitals and clinics in the U.S. 2017 CONSTRUCTION LOAN Indianapolis, IN 2015 Goodyear, AZ CONSTRUCTION LOAN 2016 Chicago, IL ACQUISITION & RENOVATION 2016 Ontario, OH GROUND LEASE A&D; Envoy is a leading capital provider of BTS single tenant medical properties in retail locations. Ralph Cram, President | Envoy Net Lease Partners 1363 Shermer Road, Suite 309 | Northbrook, IL 60062 T: 847-239-7250 | rcram@envoynnn.com GROUND LEASE LOANS Up to 100% LTC financing for ground lease development. CONSTRUCTION LOANS Up to 95% LTC financing with no back-end participation. Up to 95% Equity financing for net lease transactions. JV EQUITY