Apart from expanding its global footprint, Nordstrom, Inc. JWN remains keen on improving its customers’ shopping experience at its existing stores through expansion, revamp and relocation. In one such move, the company announced its plans to relocate its Nordstrom Rack outlet to Long Beach Exchange in Long Beach, CA. The relocated store is slated to open doors in spring 2018. This store was previously situated at the Lakewood Center mall in Lakewood Boulevard.
Nordstrom’s presence in the state of California dates back to 1978, when it opened its first store at South Coast Plaza. Since then, it has expanded its footprint with 11 Nordstrom Rack stores in the Los Angeles region and eight full-line stores. Further, the company’s Rack stores have been part of the Lakewood community since 2010.
Covering an area of nearly 28,000 square feet, the aforementioned relocated store will be part of the redeveloped property, owned by Burnham Ward Properties LLC, an affiliate of Burnham USA Equities, Inc. It will be situated at one of the main junctions on Long Beach at the southwest corner of Lakewood Boulevard and Carson Street. The new location lies roughly to the south of the existing Nordstrom Rack store, located at Lakewood Boulevard.
Moreover, the relocated store will share business space with Whole Foods 365 WFM, along with a variety of dining and fitness store operators, as well as many other undisclosed national retail tenants.
Being the off-price retail segment of the company, Nordstrom Rack offers 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 even from other big brands sold by the company.
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Seattle-based Nordstrom’s focus on store expansion is evident from the recent series of Rack store openings. This signifies its commitment toward strengthening its network, with the aim of boosting top-line growth. In addition, the company’s long-term revenue target of $20 billion by 2020 also seems on track.
Currently, the company operates 349 outlets across 40 states in the U.S., Canada and Puerto Rico, including 123 full-line stores; two Jeffrey boutiques; 215 Nordstrom Racks and two clearance stores.
Nordstrom currently carries a Zacks Rank #2 (Buy). The stock has yielded a return of nearly 18% in the past six months and outperformed the Zacks categorized Retail-Apparel/Shoe industry’s gain of 8.8%.
Stocks You May Consider
Other favorably placed stocks in the same industry, include The Children's Place, Inc. PLCE and Christopher & Banks Corporation CBK, both 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, with a long-term earnings growth rate of 10.3%, has surged a whopping 81.2% in the past three months.
Christopher & Banks, with a long-term earnings growth rate of 15%, has jumped 66% in the past three months.
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