Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) announced the signing of an agreement to develop a new Bloomingdale's store in New York City's SoHo district.
Construction on the SoHo Bloomingdale's, which will be Bloomingdale's second and Federated's third Manhattan-based store, is scheduled to begin in the spring, with a planned opening for fall 2003.
"Bloomingdale's represents many firsts -- in fashion, in unique approaches to merchandising and now in location," said Terry J. Lundgren, Federated's president and chief operating/merchandising officer. "Bloomingdale's has been a special tradition for New Yorkers and visitors to this great city for more than a century, and now as the only department store located in the vibrant SoHo area, Bloomingdale's will bring its most innovative styles to one of the city's most creative neighborhoods."
Michael Gould, chairman and chief executive officer of Bloomingdale's, agreed. "We are excited about extending the Bloomingdale's brand to a second location in New York City," Gould said. "SoHo is a premiere downtown location and the community surrounding the area is such a vital part of New York. We look forward to working with them in their many valuable endeavors."
Mayor Michael R. Bloomberg said, "Bloomingdale's decision to build a new store in New York City's SoHo district is great news for shoppers and even better news for New York City. Federated Department Stores' commitment clearly demonstrates the retail community's belief that New York City is the place for future growth and prosperity. This new store will certainly be a tremendous asset to the area and will hopefully encourage others to invest in the future of Lower Manhattan."
The new Bloomingdale's store will occupy 124,000 square feet of retail space in the former Canal Jeans building, located at 504 Broadway, between Spring and Broome Streets. The store will be extensively remodeled over the next few months to create a classic, modern six-level store that will offer distinctive collections of men's and women's apparel, cosmetics, shoes and accessories. The store also will offer a selected assortment of home merchandise, presented in unique lifestyle settings.
Other highlights of the store include a dramatic new escalator well, rising from the lower level to the fifth floor along a classic SoHo brick wall. Architects are designing each level to capture the spirit of SoHo, keeping the details of a loft environment while adding details distinctive of Bloomingdale's. Particular attention also will be paid to the exterior of the building, with windows uncovered to allow natural daylight into the store and adding illumination to Crosby Street and the Broadway facade.
Each level of the new store will have space allocated to the latest fashion finds and the hottest trends, making Bloomingdale's SoHo store a destination for contemporary collections not found elsewhere. The lower level will be exclusively men's, with segmented shops featuring the newest and also the best of what Bloomingdale's has to offer. The main level will be cosmetics, set on Bloomingdale's signature black and white checkerboard floor, plus fashion accessories, jewelry and handbags. Up a quick flight of stairs will be the B'cafe, and the second level will be merchandised with contemporary designer brands and shoes. The third level will house all of Bloomingdale's Young East Sider collections. The fourth level will be devoted to denim and denim collections and the fifth level will be the Home Studio.
Bloomingdale's, a division of Federated Department Stores, was founded in 1872 and operates 26 stores in New York, New Jersey, Massachusetts, Pennsylvania, Maryland, Virginia, Illinois, Minnesota, Florida and California. 2001 annual sales were $1.7 billion. For website access log onto www.bloomingdales.com.
Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with annual sales of more than $15.6 billion. Federated currently operates more than 450 stores in 34 states, Guam and Puerto Rico, under the names of Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus and Rich's, as well as macys.com and Bloomingdale's By Mail.
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