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Nordstrom Fuels Canadian Rack Store & SPACE Expansion
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Seattle-based Nordstrom Inc.’s (JWN - Free Report) Canadian expansion is in full swing, as the company is now on track to grow its Rack store base in the country. Evidently, Nordstrom announced plans to introduce yet another Nordstrom Rack in Ontario, in Ottawa.
Earlier this month, the company had announced plans to open three Canadian Rack stores, with two being located in Alberta and one in Ontario. While one of the Alberta stores is slated to open doors in fall 2018, the other two stores are scheduled for spring 2018.
Coming back to the latest announcement, the new Rack store, spanning over 35,000 square feet, is slated to open doors at The Ottawa Train Yards in fall 2018. The store will be housed to the east of downtown, in the old rail yard that was converted into a shopping center. Notably, this area forms the biggest open-air shopping zone in Ottawa. The latest Rack store will join several other home furnishing and fashion retailers in the vicinity, like Marshall's, Winner's, SAIL, Golf Town, DSW, Bed Bath & Beyond Inc. and Shepherds Fashions among others.
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 from other major brands sold by the company.
Nordstrom, which has been eyeing Canada for a while now, had first announced plans to expand in the country in 2012. To date, this fashion specialty retailer has introduced three full-line stores − at CF Chinook Centre in Calgary on Sep 19, 2014, CF Rideau Centre in Ottawa on Mar 6, 2015, and CF Pacific Centre in Vancouver on Sep 18, 2015. Going forward, the company intends to introduce three more full-line stores in the Toronto region, including CF Toronto Eaton Centre on Sep 16, 2016, Yorkdale Shopping Centre on Oct 21, 2016 and CF Sherway Gardens in fall 2017.
Yesterday, Nordstrom made another announcement with regard to expansion. The company unveiled plans to extend the presence of its in-store SPACE boutique to Los Angeles, Toronto and Nashville, by opening four new stores, thus doubling its existing penetration. Launched in fall 2015, SPACE operates as a standalone boutique within Nordstrom’s departmental store, and houses collections from renowned and superior designers. Additionally, this boutique offers a wide range of apparel, shoes, handbags, accessories, home goods and fragrances.
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 The Children's Place, Inc. (PLCE - Free Report) and Urban Outfitters Inc. (URBN - Free Report) , each with a Zacks Rank #1 (Strong Buy).
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Nordstrom Fuels Canadian Rack Store & SPACE Expansion
Seattle-based Nordstrom Inc.’s (JWN - Free Report) Canadian expansion is in full swing, as the company is now on track to grow its Rack store base in the country. Evidently, Nordstrom announced plans to introduce yet another Nordstrom Rack in Ontario, in Ottawa.
Earlier this month, the company had announced plans to open three Canadian Rack stores, with two being located in Alberta and one in Ontario. While one of the Alberta stores is slated to open doors in fall 2018, the other two stores are scheduled for spring 2018.
Coming back to the latest announcement, the new Rack store, spanning over 35,000 square feet, is slated to open doors at The Ottawa Train Yards in fall 2018. The store will be housed to the east of downtown, in the old rail yard that was converted into a shopping center. Notably, this area forms the biggest open-air shopping zone in Ottawa. The latest Rack store will join several other home furnishing and fashion retailers in the vicinity, like Marshall's, Winner's, SAIL, Golf Town, DSW, Bed Bath & Beyond Inc. and Shepherds Fashions among others.
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 from other major brands sold by the company.
Nordstrom, which has been eyeing Canada for a while now, had first announced plans to expand in the country in 2012. To date, this fashion specialty retailer has introduced three full-line stores − at CF Chinook Centre in Calgary on Sep 19, 2014, CF Rideau Centre in Ottawa on Mar 6, 2015, and CF Pacific Centre in Vancouver on Sep 18, 2015. Going forward, the company intends to introduce three more full-line stores in the Toronto region, including CF Toronto Eaton Centre on Sep 16, 2016, Yorkdale Shopping Centre on Oct 21, 2016 and CF Sherway Gardens in fall 2017.
Yesterday, Nordstrom made another announcement with regard to expansion. The company unveiled plans to extend the presence of its in-store SPACE boutique to Los Angeles, Toronto and Nashville, by opening four new stores, thus doubling its existing penetration. Launched in fall 2015, SPACE operates as a standalone boutique within Nordstrom’s departmental store, and houses collections from renowned and superior designers. Additionally, this boutique offers a wide range of apparel, shoes, handbags, accessories, home goods and fragrances.
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.
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Other favorably ranked stocks in the same industry are The Children's Place, Inc. (PLCE - Free Report) and Urban Outfitters Inc. (URBN - Free Report) , each with a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>