In keeping with its store expansion strategy, Nordstrom Inc. (JWN - Analyst Report) plans to open a new Nordstrom rack store each in Queens, New York and Brandon, Florida.
The 39,000 square-feet store in New York, which is slated to open doors by the fall of 2014, will mark the company’s first store in Queens. The project will be taken care of by Onex Real Estate Partners. This two-floor outlet will be a part of the dynamic 700,000 square-feet shopping mall, The Shops at SkyView Center.
This mall situated centrally in Queens, across Long Island Rail Road, harbors many other retailers including Target Corp. (TGT - Analyst Report), Bed Bath & Beyond Inc. (BBBY - Analyst Report), Best Buy Co., Inc. (BBY - Analyst Report), Old Navy and few more. In spring 2014, the company plans to open its first Nordstrom rack store in Brooklyn, on Fulton Street. Further, it is set to open its second Brooklyn store in fall, at the Gateway Center.
The 32,700 square-feet store in Florida, expected to open in fall 2014, will mark the third Nordstrom Rack outlet in the greater Tampa area, with the first one being situated at Walters Crossing since 2010. Also since 2001, the company has been operating a full-line outlet in International Plaza, a shopping mall in Tampa.
This new store in Florida will be part of the 440,442 square-feet shopping centre, Lake Brandon Plaza, across Interstate 75 in Brandon. This latest addition is expected to draw traffic to the mall.
Nordstrom Rack, being the off-price retail segment of the company, caters to stylish and trend-savvy customers. It stocks a broad range of fashionable apparel, footwear and other accessories at discounted prices. These Racks usually keep items from the main Nordstrom stores and the online shopping website, www.Nordstrom.com. Alongside, these stores stack products, bought from other big brands and sold at the company.
Nordstrom’s latest store openings signify the company’s commitment to strengthen its network with the aim of driving top-line growth. Nordstrom’s focus on store expansion is evident from the series of Rack store openings since the beginning of fiscal 2013. As of Jan 7, 2014, the company operated 261 outlets across 35 states, with 141 Nordstrom Racks, 117 full-line stores, 2 Jeffrey boutiques and 1 clearance outlet.
Currently, this Seattle-based company carries a Zacks Rank #3 (Hold).