In line with its store expansion plans, Nordstrom, Inc. JWN announced plans to introduce two more Rack stores, one each in Maryland and New York.
The new store in Maryland is notably the company’s first Rack store in Baltimore, taking the total count to six in the state. Spanning 32,500 square feet, the new Rack store is slated to open doors in spring 2019 and will form part of The Shops at Canton Crossing mall in Baltimore. The Shops at Canton Crossing shopping mall is conveniently situated at 3501 Boston Street.
This Rack store opening is likely to coincide with the completion of the Phase II part of The Shops at Canton Crossing, which is expected to start construction this November. This shopping mall offers various highly-respected and popular brands, in sync with its customers’ preferences. Nordstrom will further boost the downtown visitors’ presence with its fashionable offerings.
The new Rack store will share space with over 30 retailers and restaurants like Harris Teeter, Target Corp. TGT, Old Navy, Ann Taylor Loft, DSW Inc. DSW, and Ulta Beauty, Inc. ULTA, among others. Nordstrom currently runs four full-line outlets in Maryland, and is serving customers in the state since 1991 with its first outlet in Montgomery Mall in Bethesda.
The New York store sprawling over 46,500 square feet will be opened this fall at 855 6th Avenue in Manhattan. This will mark the second Rack outlet in Manhattan, where the company is expected to introduce a Manhattan flagship Nordstrom outlet in 2019.
This store will occupy the first three floors of the new office/residential tower owned by The Durst Organization.
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 as well as from its online store, Nordstrom.com and other major brands sold by the company.
We note that this Zacks Rank #3 (Hold) company has been persistently focusing on its store-expansion strategy in a bid to improve customer experience and its overall performance. Prior to opening of these Rack stores, the company had recently announced plans to introduce two Rack stores, one each in Illinois and California, which are expected to open doors this fall.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
However, its shares have declined nearly 11.7% over the past one year, outperforming the Zacks categorized Retail – Apparel/Shoe industry, which fell 13.3% in the same time frame.
Nordstrom currently operates 349 outlets across 40 states. Moreover, its portfolio boasts 123 full-line stores across the U.S., Puerto Rico and Canada, two Jeffrey boutiques, 215 Nordstrom Racks and two clearance stores.
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