Nordstrom Builds Major New Store in Hawaii

Seattle-based Nordstrom, Inc., (NYSE: JWN) officially broke ground today on its first Full-Line Store in Hawaii at the groundbreaking and blessing ceremony for the Ala Moana Center expansion project. The three-level store will be approximately 200,000 square feet and is scheduled to open in the spring of 2008.

"We've had the privilege of serving this community for the past 39 years," said Pete Nordstrom, president of Nordstrom Full-Line Stores. "We've wanted to open a Full-Line Store in Honolulu for a long time now and we look forward to offering our customers a wide selection of shoes, apparel and accessories. We are grateful to our loyal island customers and employees who have been with us over the years."

"We are excited about moving forward with the center's expansion and new retail development," said Dwight Yoshimura, vice president and senior general manager, Ala Moana Center and General Growth Properties - Hawaii. "Having Hawaii's first Nordstrom store as part of the expansion project, along with an additional 70,000 square feet of new stores, will provide an incredible shopping experience for our island residents and visitors, as well as great job opportunities for the community."

On hand for the official groundbreaking ceremony today were Honolulu Mayor Mufi Hanneman, Pete Nordstrom, president of Nordstrom Full-Line Stores and Bob Michaels, president of General Growth Properties, Inc. Reverend Kordell Kekoa officiated the blessing ceremony in front of an audience which included key visitor industry officials, Ala Moana Center executive management, and those in development and construction closely involved with the project. In addition, nearly 30 Nordstrom Shoe and Nordstrom Rack employees -- several who have been with the company for over 30 years -- were also in attendance.

Nordstrom has had an island presence for 39 years operating leased shoe departments in Liberty House stores. In 1997, Liberty House terminated their lease agreement with Nordstrom, at which point Nordstrom opened stand-alone shoe stores at Ala Moana Center. In 2000, Nordstrom opened a Nordstrom Rack store at Ward Centre. Two years later, Nordstrom consolidated and relocated a brand new store to Ward Centre offering shoes for men, women and children under one roof.

The new Nordstrom at Ala Moana Center will offer a wide selection of quality fashion apparel, along with shoes and accessories for men, women and children. The store also will feature a restaurant and espresso bar.

In addition to Nordstrom, the Ala Moana Center expansion project will include a new 800-stall parking garage; an additional 25,000 square feet of retail development along Kapiolani Boulevard; and the expansion of the mall's third level by another 45,000 square feet connecting the Nordstrom store with the mall's existing third level. Details of the project are available at AlaMoanaCenter.com/expansion.

Ala Moana Center is owned and managed by General Growth Properties, Inc., the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT). General Growth currently has ownership interest and management responsibility for a portfolio of 209 regional shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The company portfolio totals approximately 200 million square feet of retail space and includes over 18,000 retailers nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the company Web site at http://www.generalgrowth.com.

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