Going ahead with its store expansion strategy, Nordstrom Inc. (JWN) plans to open a new Nordstrom Rack Store by the fall of 2014. The 35,000 square feet store will be located in Palm Beach Outlets, a 90,000 square feet retail center in West Palm Beach, Fla.
This marks Nordstrom’s sixth Rack concept store opening in the greater southeast Florida region. In 2000, this leading fashion specialty retailer opened its full-line store at Town Center in Boca Raton, marking its arrival in Florida. In 2003, Nordstrom opened its first Rack store in southeast Florida namely Sawgrass Mills store. Currently, the company has five Rack stores and six full-line stores in the region. Further, it is expected to open two more Rack Stores in Jacksonville and Naples on Nov 7, 2013.
Nordstrom’s Rack stores generally offer merchandise from Nordstrom stores, Nordstrom.com and special collections from many of the renowned brands offered at Nordstrom at a significantly reduced price to customers. A vast assortment of branded apparel, accessories and shoes that are available at Nordstrom stores are offered to customers at a discount of about 30%–70%.
Nordstrom’s latest store openings signify the company’s commitment to strengthen its network with the aim of driving top-line growth. As of Jul 17, 2013, Nordstrom operated 248 stores, including 117 Nordstrom full-line stores, 127 Nordstrom Racks, 2 Jeffrey boutiques, 1 treasure&bond store and 1 clearance outlet.
Seattle-based Nordstrom currently carries a Zacks Rank #3 (Hold). The other stocks in the retail sector that are performing well include Pacific Sunwear of California Inc. (PSUN), Wet Seal Inc. (WTSL) and The Children (PLCE). All these carry a Zacks Rank #1 (Strong Buy).
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