Nordstrom to Open New Store at Macerich's Santa Monica Place

SANTA MONICA, Calif. (Map) - SANTA MONICA, Calif., July 15 /PRNewswire-FirstCall/ -- Macerich(R) (NYSE: MAC) today announced Seattle-based Nordstrom, Inc. (NYSE: JWN), a leading fashion specialty retailer, has signed a letter of intent to open a new Nordstrom store at Santa Monica Place in Santa Monica, Calif. The three-level, 122,000-square-foot store is scheduled to open in fall 2010.

Nordstrom also announced plans to relocate its existing Cerritos, Calif., store at Los Cerritos Center and complete a remodel and expansion for its Broadway Plaza store in Walnut Creek, Calif.

Santa Monica Place

"We're very pleased to welcome Nordstrom to the new Santa Monica Place," said

"Santa Monica is a wonderful community and an exciting retail environment where many of our customers visit, live and work," said Erik Nordstrom, president of stores for Nordstrom. "We compliment Macerich on their vision for the new Santa Monica Place, which we anticipate to be an exciting shopping experience."

Santa Monica Place is being completely transformed from an existing 1980s-era, enclosed shopping center to a three-level, open-air retail destination that will include a signature rooftop dining deck. Re-opening in fall 2009, the 550,000-square-foot Santa Monica Place is adjacent to the popular Third Street Promenade, three city blocks of retail stores, restaurants and entertainment. For more information, visit http://www.macerich.com.

Los Cerritos Center and Broadway Plaza Mall

"We are excited about the new plans for our Cerritos and Walnut Creek stores as part of the commitment to improve both malls, which will provide our customers new shopping environments," added Erik Nordstrom. "The support we have received from our customers over the years at both Cerritos and Walnut Creek encouraged us to make these investments."

Macerich's Brant said, "It's clear that Nordstrom is a favorite of our shoppers at Broadway Plaza in Walnut Creek, the retail leader in the East Bay, and at Los Cerritos Center in Cerritos, a vibrant suburban community in Southern California. Both shopping centers reflect Macerich's focus on outstanding properties in very attractive markets."

Nordstrom will relocate its Cerritos store at Los Cerritos Center shopping center to a new location in the center and will build a new 138,000-square-foot two-level store. The new Nordstrom at Los Cerritos will take the place formerly occupied by Robinsons-May and is scheduled to open in spring 2010. The existing Nordstrom store at Los Cerritos Center will continue to serve customers until the new store opens. Nordstrom Cerritos originally opened in 1981.

Additionally, Nordstrom is remodeling and expanding its existing store at Broadway Plaza in Walnut Creek. The two-phase project will add 32,000-square-feet to the existing floor plan for a total of 225,000-square-feet. Upgrades include new designer shops and open-sell cosmetic cases that allow customers to touch the merchandise much like they would in the apparel departments of the store. The remodel will also include new flooring, updated dressing room finishes, new furniture and fixtures and new wall treatments. The remodel is scheduled for completion in 2010. Nordstrom Walnut Creek originally opened in 1984.

Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 159 stores located in 28 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 105 full-line stores, 50 Nordstrom Racks, two Jeffrey boutiques and two clearance stores. Nordstrom also serves customers through its online presence at http://www.nordstrom.com and through its catalogs. Nordstrom, Inc. is publicly traded on the NYSE under the symbol JWN.

Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. The company is the sole general partner and owns an 85% ownership interest in The Macerich Partnership, L.P. Macerich now owns approximately 77 million square feet of gross leaseable area consisting primarily of interests in 72 regional malls. Additional information about Macerich can be obtained from the Company's Web site at http://www.macerich.com.

Note: This release contains statements that constitute forward-looking statements. Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates and terms, interest rate fluctuations, availability and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2006, for a discussion of such risks and uncertainties which discussion is incorporated by reference.