A shopping mall is a modern, chiefly North American, term for a form of shopping precinct or shopping center, in which one or more buildings form a complex of shops representing merchandisers with interconnecting walkways that enable customers to walk from unit to unit. A shopping arcade is a specific type of shopping precinct, distinguished in English for mall shopping by the fact that connecting walkways are not owned by a single proprietor and are in open air. Shopping malls in 2017 accounted for 8% of retailing space in the United States. Many early shopping arcades such as the Burlington Arcade in London, the Galleria Vittorio Emanuele II in Milan, numerous arcades in Paris are famous and still trading. However, many smaller arcades have been demolished, replaced with large centers or "malls" accessible by vehicle. Technical innovations such as electric lighting and escalators were introduced from the late 19th century. From the late 20th century, entertainment venues such as movie theaters and restaurants began to be added.
As a single built structure, early shopping centers were architecturally significant constructions, enabling wealthier patrons to buy goods in spaces protected from the weather. In places around the world, the term shopping centre is used in Europe and South America. Mall is a term used predominantly in North America. Outside of North America, "shopping precinct" and "shopping arcade" are used. In North America, Persian Gulf countries, India, the term shopping mall is applied to enclosed retail structures, while shopping centre refers to open-air retail complexes. In the United Kingdom and Ireland, "malls" are referred to as shopping centres. Mall refers to either a shopping mall – a place where a collection of shops all adjoin a pedestrian area – or an pedestrianized street that allows shoppers to walk without interference from vehicle traffic. In North America, mall is used to refer to a large shopping area composed of a single building which contains multiple shops "anchored" by one or more department stores surrounded by a parking lot, while the term "arcade" is more used in the United Kingdom, to refer to a narrow pedestrian-only street covered or between spaced buildings.
The majority of British shopping centres are located in city centres found in old and historic shopping districts and surrounded by subsidiary open air shopping streets. Large examples include West Quay in Southampton. In addition to the inner city shopping centres, large UK conurbations will have large out-of-town "regional malls" such as the Metrocentre in Gateshead; these centres were built in the 1980s and 1990s, but planning regulations prohibit the construction of any more. Out-of-town shopping developments in the UK are now focused on retail parks, which consist of groups of warehouse style shops with individual entrances from outdoors. Planning policy prioritizes the development of existing town centres. Westfield Stratford City, in Stratford, is the largest shopping centre in Europe with over 330 shops, 50 restaurants and an 11 screen cinema and Westfield London is the largest inner-city shopping center in Europe. Bullring, Birmingham is the busiest shopping centre in the UK welcoming over 36.5 million shoppers in its opening year.
There are a reported 222 malls in Europe. In 2014, these malls had combined sales of $12.47 billion. This represented a 10% bump in revenues from the prior year. One of the earliest examples of public shopping areas comes from ancient Rome, in forums where shopping markets were located. One of the earliest public shopping centers is Trajan's Market in Rome located in Trajan's Forum. Trajan's Market was built around 100-110 CE by Apollodorus of Damascus, it is thought to be the world's oldest shopping center – a forerunner of today's shopping mall; the Grand Bazaar of Istanbul was built in the 15th century and is still one of the largest covered shopping centers in the world, with more than 58 streets and 4,000 shops. Numerous other covered shopping arcades, such as the 19th-century Al-Hamidiyah Souq in Damascus, might be considered as precursors to the present-day shopping mall. Isfahan's Grand Bazaar, covered, dates from the 10th century; the 10-kilometer-long, covered Tehran's Grand Bazaar has a lengthy history.
The oldest continuously occupied shopping mall in the world is to be the Chester Rows. Dating back at least to the 13th century, these covered walkways housed shops, with storage and accommodation for traders on various levels. Different rows specialized in different goods, such as'Bakers Row' or'Fleshmongers Row'. Gostiny Dvor in St. Petersburg, which opened in 1785, may be regarded as one of the first purposely-built mall-type shopping complexes, as it consisted of more than 100 shops covering an area of over 53,000 m2; the Marché des Enfants Rouges in Paris still runs today. The Oxford Covered Market in Oxford, England still runs today; the Passage du Caire was opened in Paris in 1798. The Burlington Arcade in London was opened in 1819; the Arcade
The Promenade (California)
The Promenade is a dead shopping mall in the Woodland Hills neighborhood of Los Angeles, California. Since its renaming in 2015, it is one of few Westfield-owned properties without the Westfield name; the mall is anchored by a 16-screen AMC Theatre. Opened in 1973 as The Promenade at Woodland Hills, it was a high-fashion center anchored by J. W. Robinson's, Bullocks Wilshire and Saks Fifth Avenue; the Bullocks Wilshire store was renamed I. Magnin in 1990 and in 1995 became a Bullock's Men's store, being renamed Macy's in 1996; the Robinson's store was sold to Bullock's, becoming Macy's in 1996 as well. Following the 1994 Northridge earthquake, Saks Fifth Avenue used the opportunity to close their underperforming store and it was demolished in 1994 for the addition of the AMC Theatre, which opened in 1996; the 34-acre retail development was conceived and developed by Kaiser Aetna as part of their master commercial-retail-residential development plan for their section of the massive former Warner Ranch now known as the Warner Center.
Coldwell Banker was the property manager and Ernest W. Hahn, Inc. was the general contractor. A few months before the first store opened, Kaiser Aetna sold their interest in the mall to Continental Illinois Properties for an estimated $15 million. In March 1973, Robinson's was the first anchor store to open. Both Saks and Bullock's Wilshire followed by opening five months later. In 1989, the center was acquired by the O'Connor Group from Pan American Properties; the center was acquired by Simon Property Group in 1997, before being sold in 1998 to Westfield America, Inc. a precursor to The Westfield Group. At that time it was renamed "Westfield Shoppingtown Promenade"; the unwieldy "Shoppingtown" name was dropped in June 2005. Westfield Promenade was plagued for years by tenant problems and slow business, although the addition of the movie theatre during renovations after the 1994 Northridge earthquake, more recent renovations in 2001 and the addition of several new retailers and restaurants reignited interest in the center.
However, a redevelopment of the Westfield Topanga in the mid-2000s overshadowed the Promenade, leaving the interior mall languishing and causing several anchor tenants such as Barnes & Noble Booksellers and Dick's Sporting Goods to leave. In 2015, Macy's shuttered their two Promenade stores. By September 2015, Westfield had purchased the properties that it did not own within the mall area owned by anchors, to enable the company to resell the property as an entire package for other uses; the company had removed information about the mall from the Westfield website and had stripped the Westfield name from all of the signs at the mall. As of 2017, links to the mall's former website was redirect to the Westfield Topanga website. Although Westfield still owned the property as of January 2016, the property is a dead mall. Current tenants have filed a lawsuit against Westfield for allowing the property to deteriorate. According to a July 2016 Los Angeles Daily News article, Westfield told their tenants that they plan to close the interior of the mall "soon".
Vacancy rates were estimated to be over 80%. It was reported that Westfield officials told a Woodland Hills neighborhood council that Westfield was considering replacing the mall with upscale apartments; the Los Angeles Times called the decaying retail property "a drag on the neighborhood" while a Los Angeles City Councilman called it a "blighted site". In March 2016, a video was posted on YouTube which showed the state of the interior of the mall during the daytime with the vacant interior shops, the lack of people within the sunny interior corridors, a few customers within the restaurants located on the mall exteriors. In October 2016, Westfield announced that they will replace the mall with a mixed-use residential and retail development that includes 1,400 upscale housing units, a grocery/pharmacy, a hotel, an office complex, plus an entertainment and sports center; the housing units would range from studio units to luxury villas. The name of the new development will be Promenade 2035. Current plans is to have new development open in stages, starting in 2020 and continuing on until 2035.
Exterior tenants, such as the AMC Promenade 16, are going to be moved over to Westfield Topanga's large expansion, The Village at Westfield Topanga, while the interior of the mall is being demolished. In June 2017, the United States Postal Service moved their Woodland Hills Post Office into the vacant Macy's Men's and Furnishings departments after signing a short term 18 months lease, it was not clear what would happen with post office once Westfield starts the demolition of the existing mall structures or how long the postal service would remain at that location. Many residents of the surrounding area voice their concerns that Westfield's plan to replace the existing dead mall with a new development that includes a major sports and entertainment venue without helping to improve the inadequate existing roads and transportation systems in the surrounding area would be detrimental to the local community. AMC Theatres The Promenade features the following businesses, amongst others: AMC Theatres Corner Bakery Cafe Maggiano's Little Italy Ruth's Chris Steak House United States Postal Service Westfield Corporation Last archive of the official Westfield Promenade website at the Wayback Machine Pro
The Metreon is a shopping center located in downtown San Francisco at the corner of 4th Street and Mission Street. It is a four-story 350,000 square foot building built over the corner of the underground Moscone Center convention center. Metreon opened on June 16, 1999, as the first of a proposed chain of Sony "urban entertainment centers", aggregating dining, music, exhibitions and movies. Sony intended the ambitious 85 million dollar project to be not only a theme park and gallery for Sony products but a way to reinforce a sophisticated image for the Sony brand. In 2006 Metreon was sold to Westfield, a mall developer, it was refashioned as a food-oriented mall. In 2011, with few exceptions, remaining businesses in the mall were closed. Westfield began a major renovation with an emphasis on dining, including Target creating a large downtown department store that now takes up the second floor. In April, 2012, the Westfield sold the Metreon to Starwood Capital Group. Westfield continues to be responsible for management.
The Metreon's original attractions included a movie theater including both standard and IMAX screens, a multimedia edutainment presentation involving audio-animatronics and 3-D film based on the famous book The Way Things Work by David Macaulay, a play area for young children based on Maurice Sendak's popular children's book Where the Wild Things Are, an arcade and bar, the Airtight Garage, based on French comic artist and graphic designer Jean "Moebius" Giraud's graphic novel of the same name and featuring all original games. In October 2001 Metreon, in partnership with Sony's anime television network, was host to an anime festival, in which numerous anime titles were broadcast across its Action Theatre; as a hub for Sony products, the Metreon hosted special events for the public when new products were released. Consumers flocked to the Metreon for high-demand items such as the PlayStation, PlayStation 2, PlayStation Portable and PlayStation 3. Although Sony opened two additional centers in Tokyo and Berlin in 1999, the original center failed to turn the expected profit.
Despite promising first-year foot traffic of six million, one million ahead of pre-launch projections, by the summer of 2001 "The Way Things Work" was closed. The other major exhibit, "Where the Wild Things Are," closed sometime after July 2004; the Airtight Garage's games proved unpopular, with the exception of HyperBowl, a 3D obstacle course bowling game featuring air-supported bowling balls used as trackballs, they were replaced by other, better-known games, until the arcade was closed reopened as "Portal One," which preserved the decor, full bar, Hyperbowl but was otherwise a more typical arcade. Sunday May 13, 2007 was Portal One arcade's last day of operation; the arcade was relaunched again as a Tilt. The 16-screen Loews theater was a success, becoming one of the most profitable theaters in the country and claiming much of the Metreon foot traffic. By 2002, there were persistent rumors. In February 2006, Metreon was sold to The Westfield Group, the owner of the nearby Westfield San Francisco Centre shopping mall, Forest City Enterprises, a real estate development company.
In early 2009, Sony announced that it would be closing the Sony and PlayStation stores, the last flagship stores located in the mall. Following the announcement, on March 3, 2009, the San Francisco Redevelopment Agency approved plans from owners Westfield Group and Forest City Enterprises to renovate Metreon into a "restaurant-centric" mall. Expected modifications include relocation of the Fourth and Mission street entrance to the center of the block and the installation of a food terrace facing Yerba Buena Gardens; the San Francisco Filipino Cultural Center and the "Tavern on the Green" restaurant were projected tenants. Tavern on the Green, entered bankruptcy on September 11, 2009, "throwing into doubt" the plans for the Metreon location. A seven-day-a-week farmers' market operated as an interim tenant in the former Discovery Channel Store space between May and November 2009, it closed in November 2009. The Metreon building has been redeveloped as a Target store, opened in October 2012. Target is leasing 99,677 square feet.
Other tenants are the AMC theater, now with its own entrance, a food court, Chronicle Books, Massage Envy, National University, The City View event space, various other food purveyors not directly in the court. The Sanraku sushi restaurant and Buckhorn sandwich shop remain in the new food court, along with Jillians, now only accessible from outside; the movie theater has experienced upgrades, with the IMAX auditorium now featuring their new laser projector, the addition of Dolby Cinema and recliner seats. The Metreon 16, an IMAX 3D movie theater and Dolby Cinema theater operated by AMC Theatres, Jillians, a restaurant, are the only attractions remaining open as Target moves in; the Metreon was home to the Walk of Game, loosely based on the Walk of Fame — honorees include Shigeru Miyamoto, Nolan Bushnell, StarCraft, Sid Meier, John D. Carmack, Super Mario, Sonic The Hedgehog, Link from The Legend of Zelda series. A special Walk of Game event took place there in 2005 and 2006, it was unknown that it would continue and is now most obsolete, now that Target is taking up the second floor where the Walk of Game was.
Official website Island Earth Farmers' Market Website Sarkar, Pia. "Metreon gets new lease on life: Purchase by Westfield and Forest City ad
Tampa Bay Times
The Tampa Bay Times named the St. Petersburg Times through 2011, is an American newspaper published in St. Petersburg, United States, it has won twelve Pulitzer Prizes since 1964, in 2009, won two in a single year for the first time in its history, one of, for its PolitiFact project. It is published by the Times Publishing Company, owned by The Poynter Institute for Media Studies, a nonprofit journalism school directly adjacent to the University of South Florida St. Petersburg campus. Many issues are available through Google News Archive. A daily electronic version is available for the Amazon Kindle and iPad; the newspaper traces its origins to the West Hillsborough Times, a weekly newspaper established in Dunedin, Florida on the Pinellas peninsula in 1884. At the time, neither St. Petersburg nor Pinellas County existed; the paper was published weekly in the back of a pharmacy and had a circulation of 480. It subsequently changed ownership six times in seventeen years. In December 1884 it was bought by A. C.
Turner, who moved it to Clear Water Harbor. In 1892 it moved to St. Petersburg, by 1898 it was renamed the St. Petersburg Times; the Times became bi-weekly in 1907, began publication six days a week in 1912. Paul Poynter, a publisher from Indiana, bought the paper in September 1912 and converted to a seven-day paper, though it was financially stable. Paul's son, Nelson Poynter, became editor in 1939 and took majority control of the paper in 1947, set about improving the paper's finances and prestige. Nelson Poynter controlled the paper until his death in 1978, when he willed the majority of the stock to the non-profit Poynter Institute. In November 1986, the Evening Independent was merged into the Times. Poynter was succeeded by Andrew Barnes, Paul Tash and Neil Brown. On January 1, 2012, the St. Petersburg Times was renamed the Tampa Bay Times; as the newly rechristened Tampa Bay Times, the paper's weekday tabloid tbt*, a free daily publication and which used "" as its subtitle, became just tbt when the name change took place.
The St. Pete Times name lives on as the name for the Times' neighborhood news sections in southern Pinellas County, serving communities from Largo southward; the Times has done significant investigative reporting on the Church of Scientology, since the church's acquisition of the Fort Harrison Hotel in 1975 and other holdings in Clearwater. The Times has published special reports and series critical of the church and its current leader, David Miscavige. In 2010, the Times published an investigative report questioning the validity of the United States Navy Veterans Association, leading to significant reaction and official investigations into the group nationwide. On May 3, 2016, the Times acquired its longtime competitor The Tampa Tribune, with the latter publication ceasing publishing and Tribune features and some writers expected to be merged into the Times; as reported by other local media outlets in the Tampa Bay area at the time of this acquisition, for many years the Tampa Tribune was considered to be the more conservative newspaper in the region, while the Tampa Bay Times was thought of as more liberal.
The Times' purchase of The Tribune allowed its circulation area to be expanded into Polk County, placing it in competition with other newspapers such as The Lakeland Ledger and The Polk County Democrat, as well as into the south central region of the state known as the Florida Heartland. In the case of the latter, the Times published Highlands Today, a daily news supplement of The Tribune for readers in Highlands County; the Times sold the paper in 2016 to Sun Coast Media Group. The newspaper created PolitiFact.com, a project in which its reporters and editors "fact-check statements by members of Congress, the White House and interest groups…" They publish original statements and their evaluations on the PolitiFact.com website, assign each a "Truth-O-Meter" rating, with ratings ranging from "True" for true statements to "Pants on Fire" for false and ridiculous statements. The site includes an "Obameter", tracking U. S. President Barack Obama's performance with regard to his campaign promises.
PolitiFact.com was awarded the Pulitzer Prize for National Reporting in 2009 for "its fact-checking initiative during the 2008 presidential campaign that used probing reporters and the power of the World Wide Web to examine more than 750 political claims, separating rhetoric from truth to enlighten voters." The Times sold PolitiFact.com to its parent company, the Poynter Institute, in 2018. List of newspapers in Florida Media in the Tampa Bay Area James F. Tracy. "Strikebusting in St. Petersburg: Nelson Poynter's Postwar Assault on Union Printers". American Journalism. 25. T. R. Goldman. "What will happen to the Tampa Bay Times?". Columbia Journalism Review. 53. Official website Today's Tampa Bay Times front page at the Newseum websitePolitiFact.com website
Westfield Palm Desert
Westfield Palm Desert, is a regional shopping mall located in Palm Desert, California which serves the Coachella Valley. The mall is presently owned through a joint venture between O'Connor Capital Partners and Westfield Corporation. Current mall anchors are Macy's, Sears, JCPenney, Dick's Sporting Goods, Barnes & Noble, 122 inline stores. In addition, the mall includes Tristone Palm Desert 10 Cinemas; the shopping center was opened as Palm Desert Town Center. The $75 million project spanned 62 acres and included four major department stores, 130 inline shops, an 8-screen theater, a food court and an indoor ice skating rink. Other stores included. A small arcade called The Yellow Brick Road was on the second level above the skating rink, next to the food court. Original anchor stores were May Company, Bonwit Teller, JCPenney, Bullock's. In 1987, Bonwit Teller decided to close all of its Californian stores and its spot at the mall was taken by Bullocks Wilshire; this was the first time that a Bullocks Wilshire store was located in the same mall with a Bullock's store.
A fifth anchor, J. W. Robinson's, opened a few months in 1987. After developing and managing the property for a number of years, Hahn was able to purchase the property from its owner, Palm Desert Town Center Associates, in 1989. In August 1999, Westfield America, Inc. announced it had acquired Palm Desert Town Center from TrizecHahn Corporation, the successor to Hahn, for $82 million. Following the acquisition, the name became Westfield Shoppingtown Palm Desert. However, in 2005 the company migrated away from this branding strategy and dropped'Shoppingtown' from most of its U. S. properties. The mall became Westfield Palm Desert. Over the years the mall has gone through many changes resulting from various mergers and acquisitions in the retail industry; this resulted in consolidation of regional department stores and led to vacant anchor spaces at the mall. Barnes & Noble moved into the mall in 2003. In 2013, a renovation plan began which involved converting a two-level vacant anchor space on the north side to Dick's Sporting Goods and World Gym on the first level of the space.
In addition, a vacant two-level anchor on the south side was converted into a Grand Entrance with frontage on California State Route 111, a busy thoroughfare running through the city. The demolition involved preservation of the subterranean level of the space occupied by Bullock's. Macy's incorporated this space into its existing furniture store, situated below Barnes & Noble; the Grand Entrance includes new sit-down restaurants and retail space and is accented with decorative water fountains. An expansion plan announced in 2006 included the addition of a full line Nordstrom department store on the north and a significant remodel and expansion of the existing theater; the plan never came to fruition given the economic downturn. As of December 2014, Westfield Palm Desert was 95.1 % leased. The 980,041-square-foot mall offers 495,538-square-feet of specialty store space and has significant potential for future expansion. In 2015, Sears Holdings spun off 235 of its properties, including the Sears at Westfield Palm Desert, into Seritage Growth Properties.
Coach New York
Coach IP Holdings LLC is an American company specializing in luxury accessories such as handbags. Coach was founded in 1941 as a family-run workshop in a loft on 34th Street in Manhattan, with six leatherworkers who made wallets and billfolds by hand. In 1946, Miles Cahn and his wife Lillian joined the company. Miles and Lillian Cahn were owners of a leather handbag manufacturing business, were knowledgeable about leatherworks and business. By 1950, Cahn had taken over the business. During the early years, Cahn noticed the distinctive properties and qualities of the leather used to make baseball gloves. With wear and use, the leather in a glove became suppler. Attempting to mimic this process, Cahn made a way of processing the leather to make it stronger and more flexible. Since the leather absorbed dye well, this process created a richer, deeper color in the leather. Soon after Cahn developed this new process, Lillian Cahn suggested to Miles that the company supplement the factory's men's accessories business by adding women's leather handbags.
The "sturdy cowhide bags were an immediate hit."Miles and Lillian Cahn bought the company through a leveraged buyout in 1961. In 1961, Cahn hired a sportswear pioneer, to design handbags for Coach. Cashin "revolutionized the product's design," working as creative head for Coach from 1962 through 1974. Cashin instituted the inclusion of side pockets, coin purses, brighter colors in the products. Cashin designed matching shoes, key fobs, eyewear, added hardware to both her clothes and accessories–particularly the silver toggle that became the Coach hallmark–declaring that she had been inspired by a memory of fastening the top on her convertible sports car. Richard Rose joined Coach in 1965, he is credited with making Coach a household name after putting the product in department stores across the United States and abroad. In 1979, Lewis Frankfort joined the company as vice-president of business development. During this time, Coach was making $6 million in sales and products were being distributed through the domestic wholesale channel in the northeastern United States.
He was mentored by Mr. Rose executive VP of sales, Rose retired from his position in the company in 1995. In 1981, under Frankfort's leadership, the company opened its first directly operated retail location on Madison Avenue in Midtown Manhattan. In 1985, the Cahns decided to sell Coach Leatherware after determining they wanted to "devote more time to their growing goat farm and cheese production business called Coach Farm in Gallatinville, New York, which they began in 1983". Coach was sold to Sara Lee Corporation for a reported $30 million. Lew Frankfort succeeded Cahn as president. Sara Lee structured Coach under its Hanes Group. In early 1986, new boutiques were opened in Macy's stores in New York San Francisco. Additional Coach stores were under construction, similar boutiques were to be opened in other major department stores that year. By November 1986, the company was operating 12 stores, along with nearly 50 boutiques within larger department stores. Sara Lee Corporation divested itself of Coach first, by selling 19.5% of their shares of Coach at the Coach IPO in October 2000, followed in April 2001, with the distribution of their remaining shares to Sara Lee's stockholders through an exchange offer.
In 1996, Lew Frankfort was named CEO of Coach. The following year, under Frankfort's leadership, Coach hired Reed Krakoff, whose creative and commercials instincts aimed to make Coach products functional and stylish. Krakoff's design transformed Coach from the small company that it was in 1985 into the worldwide-known brand that it is today. In February 2013, Coach named Victor Luis president and chief commercial officer and announced that he would become chief executive officer in January 2014, with Lew Frankfort continuing as executive chairman. In 2013, Coach generated $5 billion in sales and operated 1,000 directly operated locations globally, including North America, China, Taiwan, Malaysia and Europe. In 2014, the company announced Stuart Vevers as the new executive creative director, replacing Reed Krakoff. During 2014, Coach announced that Lew Frankfort would retire as executive chairman at the expiration of his term in November 2014. In January 2015, Coach agreed to buy shoemaker Stuart Weitzman for up to $574 million in cash.
In the same year, Coach launched Coach 1941, "a new, higher-priced line centered on ready-to-wear." Coach marked its 75th anniversary in 2016 with the announcement of its partnership with Selena Gomez. In July 2017 Coach purchased Kate Spade for $2.4 billion. Michael Kors Holdings Ltd. had expressed interest in buying Kate Spade. On 10 October 2017, Victor Luis announced that on 31 October, Coach Inc would be renamed and rebranded as Tapestry Inc; the company's ticker symbol on the NYSE changed from COH to TPR effective 31 October 2017. As of 2019, Coach dropped the use of fur from its collection. On June 1, 2000, the company changed its name to Inc.. Lewis Frankfort has been involved with Coach for more than 30 years, he was named chairman and CEO in 1995, in 2014 became executive chairman. During 2000, he oversaw Coach's transition to a publicly traded company listed on the NYSE and in 2011 became the first American issuer to list on the Stock Exchange of Hong Kong. Victor Luis was named chief executive officer of Coach, Inc. in January 2014.
Prior to his appointment and beginning in February 2013, he held the role of president and chief commercial officer of Coach, Inc. serving on Coach's board of directors. Luis h
Nordstrom Inc. is an American chain of luxury department stores operating in Canada and headquartered in Seattle, Washington. Founded in 1901 by Swedish American John W. Nordstrom and Carl F. Wallin, the company began as a shoe retailer and expanded its inventory to include clothing, handbags, jewelry and fragrances. Select Nordstrom stores include wedding and home furnishings departments; the company has in-house cafes and espresso bars. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN. Nordstrom has 379 stores operating in 40 US states, Puerto Rico and Canada, a number which includes 122 full-line stores and 244 Nordstrom Rack stores, two clearance stores, six Trunk Club clubhouses, three Jeffrey boutiques and three Nordstrom Local stores. Nordstrom serves customers through nordstrom.com, nordstromrack.com, its online private sale site, HauteLook. In 1887, John W. Nordstrom immigrated to the United States at the age of 16, he was born in the village of Alvik, close to the city of Luleå in Northern Sweden.
His name at birth was Johan Nordström, which he anglicized to John Nordstrom. After landing in New York, he first began working in Michigan and was able to save enough money to purchase a 20-acre potato farm in Arlington, Washington. In 1897, he joined the Klondike Gold Rush in Canada's Yukon Territory. After two years of prospecting, he struck gold, but sold his disputed claim for $13,000. Returning to Seattle with his newfound wealth, he married Hilda Carlson and looked for a business venture settling on a shoe store that opened in 1901, called Wallin & Nordstrom. Carl F. Wallin, the co-founder of the store, was the owner of the adjacent shoe repair shop. John and Hilda had five children, three of whom would follow him into the family business, Everett W. Elmer J. and Lloyd N. Nordstrom. In 1928, John W. Nordstrom retired and sold his shares to two of his sons and Elmer. In 1929, Wallin retired and sold his shares to them; the 1930 grand opening of the remodeled Second Avenue store marked the change of name to Nordstrom.
Lloyd Nordstrom subsequently joined the company in 1933, the three brothers ran the business together for forty years. By 1958, Nordstrom still sold only shoes, their expansion was based on deep product offerings and full size ranges. Apparel came with its purchase of Best Apparel of Seattle in 1963, the company's name was changed to Nordstrom's Best. In 1971, the company was taken public on NASDAQ, it was moved to the New York Stock Exchange in 1999 under the ticker symbol JWN after John W. Nordstrom, its founder. By 1975, Nordstrom expanded into Alaska by purchasing Northern Commercial Company and opened its first Nordstrom Rack clearance store in Seattle. A strong northwest regional retailer with sales approaching $250 million making it the third-largest specialty retailer in the United States, the company opened its first Southern California store at South Coast Plaza in Costa Mesa in 1978. By the early 1990s, it had opened 26 stores plus Racks in California. Subsequent expansion relied on creating a decentralized regional structure, beginning with the Northeast in the Tysons Corner Center in Virginia, the Midwest in the Oakbrook Center in Illinois, the Southeast in Atlanta, the Southwest in Dallas.
In a new region, the initial store was used as a base for training and recruitment for subsequent expansion, was backed by its own distribution center. From 1978 to 1995, Nordstrom opened a total of 46 full-line department stores. In 1976, Nordstrom opened a series of stores called Place Two to sell a more limited selection of apparel in smaller markets. By 1983, there were ten Place Two stores, but the cost of upgrading the smaller stores from a systems perspective, outweighed the benefit, the division was discontinued; the company expanded into direct sales in 1993, beginning with a catalog division led by John N.'s son Dan, followed by an e-commerce business. Nordstrom.com's fulfillment and contact centers are located in Iowa. It has distribution centers in Ontario, California. Nordstrom FSB, a wholly owned subsidiary of Nordstrom, Inc. is a federally chartered savings bank doing business as Nordstrom Bank. It was formed in 1991 in Scottsdale, with its customer contact center in Centennial, Colorado.
Nordstrom FSB was known as Nordstrom National Credit Bank and changed its name to Nordstrom FSB in March 2000. The bank offers various banking and credit products, such as Nordstrom Signature VISA, Nordstrom retail credit and debit cards, interest-bearing checking accounts, check cards, certificates of deposits, it offers Nordstrom customers cards under Nordstrom Rewards – its customer loyalty program – where customers earn points when making purchases with the card at Nordstrom and other retailers. Other rewards include Nordstrom Notes which are redeemed or used like cash in stores for new purchases and the Nordstrom Signature VISA card has an optional travel/leisure rewards feature; the Nordstrom Rewards program features 4 levels of status depending on annual spending and offers various promotional times throughout the year to earn double and ten-times points. Beginning in 1995, the fourth generation of brothers and cousins served as co-presidents for a time. After John Whitacre served as the first non-Nordstrom CEO in 1997, In 1998, Nordstrom replaced its downtown Seattle store with a new flagship location in the form