In furtherance of its international expansion plans, Seattle-based Nordstrom Inc. (NYSE:JWN) announced that it has identified a new store location in Canada, at the Toronto Eaton Centre in downtown Toronto. This 3-story, 213,000 square feet full-line store will be the company’s 6th store in Canada and the 3rd in Toronto. Construction work for the store is expected to commence in Mar 2014 with the store scheduled to open doors by fall 2016.
Moreover, this will be the company’s 5th Canadian store opening in the property of The Cadillac Fairview Corporation Limited. Also, this marks the extension of the company’s partnership with the leading North American commercial real estate owner.
Cadillac was the first to assist Nordstrom to venture into Canada by offering 4 ideal locations in premier shopping malls for its stores in Sep 2012. These locations included the Pacific Centre in Vancouver, Chinook Centre in Calgary, Rideau Centre in Ottawa and Sherway Gardens in Toronto. These stores are set start business between fall 2014 and fall 2016.
Later, in Apr 2013, the company announced another store in Toronto’s Yorkdale Shopping Centre, slated to open to public by fall 2016.
Apart from its efforts toward strengthening its presence internationally, Nordstrom continues to remain focused on expanding its store base in the United States. In sync with its growth plans, the company, in Jan 2014, announced plans to open 3 new Nordstrom Rack stores including The Shops at SkyView Center in Queens, New York; Lake Brandon Plaza in Brandon, Florida; and The Greene Town Center in Dayton, Ohio. These stores are slated to commence operations by fall 2014.
Nordstrom’s latest store openings signify the company’s commitment to strengthen its network with the aim of driving top-line growth. As of Jan 16, 2014, Nordstrom operated 261 stores, including 117 Nordstrom full-line stores, 141 Nordstrom Racks, 2 Jeffrey boutiques and 1 clearance store.
Nordstrom currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the apparel/shoe space include Finish Line Inc. (NASD:FINL), The Men's Wearhouse Inc. (NYSE:MW) and Deckers Outdoor Corp. (NASD:DECK). All of these have a Zacks Rank #2 (Buy).
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