A departure from traditional outlet mall locations to a sought-after urban area
San Jose, CA (August 8, 2014) – Federal Realty Investment Trust is bringing the outlet center, traditionally located in outlying areas, to the city with a strong mix of top discount stores. J. Crew and Gap are among two retailers opening outlet stores in the revamped Westgate Center next year. They join Nike Factory Store, which opened in February, and Skechers Factory Outlet, which opened in July.
“This is a new direction for Westgate Center,” said Jeff Kreshek, Federal Realty’s vice president for West Coast Leasing. “Our customer is looking for quality, variety and diversity; a product mix that outlet shops combined with full price brands can deliver.”
Following an extensive $15 million renovation and the addition of shops such as Nike Factory Store, J. Crew Factory and Gap Factory Store, the center will provide an innovative, exciting and accessible experience for customers.
J. Crew Factory is scheduled to open in spring 2015. The approximately 5,750 square-foot store facing Saratoga Avenue will feature ready-to-wear pieces, boldly colored basics and casual classics for men and women. This family-friendly new addition will also feature “crewcuts,” the brand’s coveted children’s line offering “mini-me” looks in sizes 2 to 14.
Westgate Center has also scored a Gap Factory Store, scheduled to open in spring 2015. Gap Factory Store will be a 10,910 square-foot store fronting Saratoga Avenue next to Old Navy. In addition, Carter’s and Oshkosh B’Gosh will open a combined 9,137 square-foot store facing Saratoga Avenue, next to Target.
“As anchor stores, both Gap Outlet and J. Crew Factory will drive more shoppers to Westgate Center,” said Kreshek. “Furthermore, the broad tenant mix, as well as the mall’s location on heavily-traveled Saratoga, Hamilton and Campbell avenues in San Jose provides convenience and top brands to the densely-populated surrounding communities.”
About Westgate Center
Westgate Center, located in San Jose, California is a 645,000 square-foot community center offering a one-stop family destination for shopping, dining and entertainment. Westgate Center features over 50 shops and restaurants and is anchored by Target, Nordstrom Rack, Walmart Neighborhood Market, Nike Factory Store, Old Navy, Burlington Coat Factory, Michaels and Ross. Westgate Center is a property of Federal Realty Investment Trust www.federalrealty.com (NYSE:FRT), headquartered in Rockville, Maryland. For more information, please visit shopwestgatecenter.com.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty’s portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.3% leased to national, regional, and local retailers as of June 30, 2014, with no single tenant accounting for more than approximately 3.2% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 47 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.