Striding ahead with its store expansion strategy, Nordstrom Inc. (JWN) declared two Nordstrom Rack store openings in Skokie, Ill. and Brooklyn, N.Y. Both are scheduled to open by the spring of 2014.
The first store located at Orchard place in Skokie spans nearly 36,000 sq. feet. The company first arrived in Chicagoland in 1991 with the launch of a full-line store at Oakbrook Center. At present, Nordstrom operates four full-line stores and seven Rack Stores in the region. Further, the company has declared its aim to open two more Rack stores in this area by 2014.
The second store is located at 505 Fulton Street in Brooklyn and covers about 41,000 sq feet of area. The company first arrived in the Tri-State region in 1990 with the launch of Garden State Plaza full-line store in Paramus, N.J. Currently, the company operates 15 full-line and Rack stores in the area. Last year, Nordstrom set forth its plans to open the first full-line store in New York City by 2018. The company has been operating in New York City since 2010.
Nordstrom’s Rack stores generally offer merchandise from Nordstrom stores, Nordstrom.com and special collections from many of the renowned brands 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 30, 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 #2 (Buy). The other stocks in the retail sector that are performing well include Pacific Sunwear of California Inc. (PSUN), The Gap, Inc. (GPS) and The Children (PLCE). All these carry a Zacks Rank#1(Strong Buy).
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