Phase Two of Ward Village Shops Welcomes New Tenants
- Sep 29, 2012
The Howard Hughes Corp. announced the first tenant for Phase Two of Ward Village Shops, a 57,000-square foot, two-level retail center along Auahi Street in the heart of the Kaka’ako district in Honolulu. Pier 1 Imports will occupy 12,688 square feet at the new retail center, which is scheduled to open in the fall of 2013. The company is relocating from another site within Ward Centers.
“The relocation of Pier 1 Imports sets the stage for future phases of development that will begin the transformation of Ward into a mixed-use community,” said David Striph, senior vice president for Hawai‘i for The Howard Hughes Corp. “The new store will also enable the ever-popular Pier 1 Imports to continue to serve their loyal local shoppers, as well as visitors who come to Ward Centers.”
Seattle-based Nordstrom Inc. also announced it would relocate to a 45,000-square-foot, two-level space at the Ward Village Shops expansion. Nordstrom will be leaving its current 34,000 square-foot Rack at Ward Center, which opened in 2000. The retailer began serving the Honolulu community in 1966 and currently operates a 200,000-square-foot, full-line store at Ala Moana Center.
“Ward Center has been a great home to us, and we’re looking forward to relocating our store within the district to a larger space so that we can better serve the locals and tourists of Oahu,” said Geevy Thomas, president of Nordstrom Rack.
Ward Centers is Honolulu’s premier street destination for local residents and tourists alike. It includes 135 unique shops, as well as 40 restaurants, sidewalk cafes and eateries.
According to a report released by CBRE Group, the average asking lease rate for Honolulu’s retail market registered a slight decrease in the second quarter of 2012, from $3.34 at the end of the first quarter to $3.31. Compared to one year ago, average asking rates are down approximately 4 percent and are expected to maintain a certain degree of stability, the report shows.
Photo credits: The Howard Hughes Corp. via Business Wire
Chart courtesy of: CBRE Group, Inc.