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Nordstrom (JWN) to Hire 1,200 Staff for NYC Flagship Store

Zacks Equity Research

Nordstrom, Inc. JWN is set to enhance customers’ shopping experience at its first flagship store in New York City with the hiring of roughly 1,200 workers. Slated to open doors on Oct 24, 2019, this outlet will be located at 225 West 57th Street, near Columbus Circle.

The company offers two job positions, sales and support. Sales positions will include areas such as women's apparel, designer, shoes, beauty and kid's department, whereas support positions will be available for alterations, building services, housekeeping and loss prevention. Support positions will also cover jobs for the store's food and beverage concept.

Staffs hired are likely to get comprehensive benefits including competitive pay, transit subsidy, merchandise discount and more. Moreover, eligible workers might receive medical benefits and employer-matched retirement plan.

Last month, Nordstrom announced the launch of six unique food and beverage concept at the flagship store, offering a selection of culinary alternatives. The company will partner with popular chefs such as Ethan Stowell and Tom Douglas. These renowned chefs will offer innovative menus and unique dining concepts, complementary to the company’s restaurant portfolio. Stowell will open Wolf restaurant, offering Italian dishes and will be located in the third floor of the flagship store. Meanwhile, Douglas will introduce two concepts — Jeannie's and Hani Pacific.

Moreover, Nordstrom’s Broadway Bar will feature unique cocktails and small plates from the bar's second-floor vantage point. Bistro Verde, located on the fifth floor, will offer soups, salads, pizzas, pastas, seafoods and desserts. A patio, which is scheduled to open next year, will offer seasonal al fresco. There will also be a Shoe Bar, which will be a cocktail-destination on the shoe floor. All the aforementioned restaurants will be owned by Nordstrom.

Notably, opening of this new flagship store marks an important milestone in the company's history. In April last year, Nordstrom launched its first-ever exclusive men's store in New York City. This store is a prelude to the company’s largest store project, which together with a standalone women's store is expected to become an important shopping destination.

Together these aforementioned full-line stores will make one of the largest and most important fashion market hubs in New York. This store is expected to be the company’s highest volume store in one of the top markets and will offer the Nordstrom brand to the customers worldwide. This should significantly boost Nordstrom’s top and bottom lines.


Price Performance

In the past three months, this Zacks Rank #5 (Strong Sell) stock has lost 29.2%, wider than the industry’s 18.1% decline. The downside can be attributed to its strained gross margin trend for the past few quarters, further amplified by a dismal first-quarter fiscal 2019 performance. Furthermore, management’s trimmed view for the fiscal year has hurt investors’ sentiments.

3 Top-Ranked Stocks

Here are some stocks from the same space sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Children's Place, Inc. PLCE has an expected long-term earnings growth rate of 8%. Moreover, the company pulled off average positive earnings surprise of 37.4% in the last four quarters.

Genesco Inc. GCO has a long-term earnings growth rate of 5% and delivered average positive earnings surprise of 232.6% in the trailing four quarters.

Xcel Brands, Inc. XELB, with a long-term earnings growth rate of 10%, has pulled off average positive earnings surprise of 22.1% in the last four quarters.

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