Nordstrom to Open New Rack Stores

Nordstrom Inc. (JWN), a leading fashion specialty retailer, recently announced plans to open a new 35,351 square feet Nordstrom Rack at Burbank Empire Center, a premier shopping center in California. Burbank Empire Center spans across 900,000 square feet of space and hosts leading retailers such as Target Corp. (TGT), Best Buy (BBY), and Costco (COST).
 
The new Nordstrom Rack is expected to open in Oct 2010 and would offer merchandise at fire-sale prices with discounts of 50%−60%. Nordstrom has continually opened new stores to attract more customers and bolster its sales through increased foot traffic. In 2010, the company intends to open two additional Nordstrom stores in Newport Beach, California and in Santa Monica, California. Furthermore, the company plans to open three new Nordstrom Racks in greater Orange County through 2011.
 
Nordstrom Rack is the off-price division of Nordstrom Inc. The first Nordstrom Rack was opened in the basement of the downtown Seattle store in 1975 as a clearance department. Since the huge initial response, it has grown into a separate division of the company. Currently, there are 70 Nordstrom Rack stores across 21 states in the U.S.
 
Nordstrom has about 185 stores spread across 28 states in the US, offering a selection of brand names and private label merchandise. The company sells its products through various channels, including Nordstrom full-line stores, Nordstrom Rack off-price stores, Last Chance clearance stores, Jeffrey boutiques, catalog, and the Internet.

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