Nordstrom Inc. JWN remains committed to its homeland as it keeps expanding store base in the U.S., alongside its Canadian ventures. This is evident from a slew of new Rack store openings in the queue. The company announced plans to introduce a Nordstrom Rack in downtown Minneapolis, MN.
Spread over 39,000 square feet, the new Rack store is slated to open doors at IDS Center's Crystal Court on Nicollet Mall in fall 2017. This store will mark the company’s fifth Rack outlet in the state of Minnesota, after its fourth Rack store coming up close by at City Place in spring 2017. Nordstrom currently operates three Racks and two full-line Nordstrom outlets in Minnesota. The full-line stores are located at the Mall of America and the Ridgedale Shopping Center.
At the Crystal Court shopping center, Nordstrom will be placed at one of the world’s most extensive skyway systems amid a happening business community. The store will join the other 26 eminent retailers, restaurants, and banks in the mall.
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. Further, these stores stack products from other major brands sold by the company.
Nordstrom currently operates 334 outlets across 39 states. Its portfolio includes 121 full-line stores across the U.S., Puerto Rico and Canada, 2 Jeffrey boutiques, 205 Nordstrom Racks and 1 clearance store.
We believe that this Zacks Rank #2 (Buy) company, with its solid brand image, amendments to the operating model for cost savings, and continuous store expansion, is well positioned to deliver on its long-term goals.
Other favorably ranked stocks in the same industry are Urban Outfitters Inc. URBN, The Children’s Place Inc. PLCE, and American Eagle Outfitters Inc. AEO, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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