With its store expansion in full swing, Nordstrom Inc. (JWN - Analyst Report) announced its latest plans to introduce one Nordstrom Rack store each in New Jersey and Virginia.
Located at Rockaway Commons in Rockaway, the store will mark the company’s fifth Nordstrom Rack store in New Jersey. The store which is scheduled to open in fall 2015 will cover an area of approximately 38,785-square-foot.
Situated on the south side of Interstate 80 between State Highway 15 and Mt. Hope Ave, Rockaway Commons is owned and managed by Washington Prime Group. Its pre-existing retail and lifestyle tenants include Macy's Inc. (M - Analyst Report), J. C. Penney Co. Inc. (JCP - Analyst Report), Lord & Taylor and Sears Holdings Corp. (SHLD - Analyst Report).
The company currently operates two Rack stores in the state in Cherry Hill at Towne Place at Garden State Park and in Paramus at Bergen Town Center. Nordstrom is set to open its third Rack store in the state on Oct 8, 2014 at Livingston Center in Livingston, and a fourth one is scheduled to follow in spring 2015 at Mercer Mall in Princeton. Apart from these, the company also operates five full-line stores in the state.
The new Nordstrom Rack store in Virginia will be located at Springfield Town Center in Springfield and is scheduled to open in spring 2015. The approximately 33,000-square-foot store will mark the company’s sixth outlet in the state. The Springfield Town Center is situated at the intersection of I-95, I-395 and the Capital Beltway.
Nordstrom Rack, being the off-price retail segment of the company, offers fashion-savvy customers with 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, the stores stack products bought from other big brands sold by the company.
Nordstrom’s focus on store expansion is evident from the series of Rack store openings since the beginning of fiscal 2014. Its latest store openings signify the company’s commitment toward strengthening its network with the aim of driving top-line growth.
During first half of the fiscal 2014, the company opened 11 new Rack stores, expanding the total company store count to 271 from 248 at the end of second quarter of fiscal 2013. For fiscal 2014, this Zacks Rank #3 (Hold) company plans to further expand its store base by opening 16 stores in the remaining period.