Nordstrom (JWN) Expands: To Open Rack Store in Woodbury
Seattle-based Nordstrom Inc. JWN, a leading fashion specialty retailer, remains on track with its expansion strategy for the Nordstrom Rack unit. Recently, the company announced its plans to open a Nordstrom Rack store at CityPlace in Woodbury, MN, outside of Minneapolis. A Florida-based real estate investment firm, Elion Partners currently owns and controls the property.
The approximately 26,000-square-foot store is slated to open doors in spring 2017. The new store will be built in the 100-acre project, CityPlace, with an aim to develop the suburban region. CityPlace has a number of pedestrian-friendly scenic trails, and offers various opportunities for shopping and recreation.
Nordstrom Rack, the off-price retail segment of the company, provides fashion-savvy customers a wide range of on-trend apparel, footwear and other accessories at discounted prices. These Racks usually keep items from the main Nordstrom stores and its online store, Nordstrom.com. Alongside, these stores stack products from other major brands sold by the company.
The new Rack store in the Twin Cities is Nordstrom’s fourth store in the state, together with existing outlets in Bloomington at Mall of America, Arbor Lakes in Maple Grove and Shoppes at Knollwood in St. Louis Park. Also, the company handles two full-line stores at Mall of America and the Ridgedale Shopping Center. With its latest store opening, it hopes to serve the communities of Oakdale, Landfall, Lake Elmo, Cottage Grove, Maplewood, Newport and Afton.
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However, the Zacks Rank #5 (Strong Sell) company recently posted dismal first-quarter fiscal 2016 results, wherein both the top and bottom lines lagged expectations for the third straight time. Also, earnings plunged year over year. This led management to cut its fiscal 2016 projections.
Nordstrom currently operates 329 outlets across 39 states. Its portfolio includes 121 full-line outlets in the U.S., Canada and Puerto Rico, 2 Jeffrey boutiques, 200 Nordstrom Racks and 1 clearance store.
Stocks that Warrant a Look
Some better-ranked stocks in the same industry include Christopher & Banks Corporation CBK, sporting a Zacks Rank #1 (Strong Buy), American Eagle Outfitters, Inc. AEO and The Children's Place, Inc. PLCE, both carrying a Zacks Rank #2 (Buy).
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