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Nordstrom Inc. (JWN - Analyst Report) will soon be able to lure the people of New York City and millions of tourists, as the company recently entered into an agreement with Extell Development Company to open a full-line store. It took Nordstrom a long time to find a proper location in NYC.
As per the agreement, Extell will build a 7-storey department store for Nordstrom, which will be at the base of a high-rise tower. It will be located at 225 West 57th Street, Manhattan, NYC and will also accommodate various other retailers, hotels and residences. The store, which is expected to be open in 2018, will occupy an area of 285,000 square feet.
The company which competes with other upscale specialty retailers such as Saks Incorporated (SKS - Analyst Report) and Macy’s Inc. (M - Analyst Report) already operates two stores in Manhattan, one each under its Nordstrom Rack Store and Treasure & Bond concept.
We believe the initiative will create brand awareness of the company throughout the world, as millions of tourist travels to Manhattan to shop at luxury stores. The company offers both branded and private label merchandise, which are positioned in the upscale segment of the industry and targeted toward the aspiring middle class.
Nordstrom’s latest store openings reflect its commitment to expanding stores network with the aim to drive its top-line growth. Nordstrom’s focus on store expansion is evident from its string of Rack stores openings in Orange, California; Salt Lake City, Utah; Huntington, New York and Upland, California, since the start of fiscal 2012.
In fiscal 2011, Nordstrom added 18 new stores, which contributed significantly to a 12.7% year-over-year growth in fiscal 2011 net sales. Moreover, Nordstrom plans to continue its store expansion strategy in fiscal 2012, aiming to open a total of 16 new stores, comprising 1 full-line store and 15 Rack stores.
Nordstrom currently maintains a Zacks #3 Rank, which translates into a short-term Hold rating. Our long-term recommendation on the stock remains Neutral.
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