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Leading fashion retailer, Nordstrom Inc. (JWN - Analyst Report) is now set to move across the Unites States borders to establish its presence in Canada. With the view of solidifying its North American footprint, the company has collaborated with Cadillac Fairview, a leading commercial real estate owner in North America, to open its first four full-line stores in Canada.
Cadillac has identified four ideal locations for Nordstrom’s stores, which include premier shopping malls in Calgary, Ottawa, Toronto and Vancouver. Of these, three locations including the Pacific Centre in Vancouver, Calgary's Chinook Centre, Rideau Centre in Ottawa are presently occupied by Sears Holdings Corporation (SHLD - Analyst Report). Nordstrom will initiate renovations at these stores once Sears winds up. The fourth location at Toronto's Sherway Gardens is a new construction.
These Nordstrom stores are scheduled to be open to public beginning fall 2014, with the first opening scheduled to take place at the Chinook Centre in Calgary. This two-level store will be spread over a space of about 140,000 square feet.
Following this, the company will open another two-level 157,000 square feet store at the Rideau Centre in Ottawa in spring 2015. The company’s third Canadian two-level store is slated to open in fall 2016 at the Sherway Gardens in Toronto, encompassing an area of 138,000 square-feet. Further, the company has not yet scheduled the opening date for its fourth and the largest Canadian store at the Pacific Centre in Vancouver. This three-level store will be spread across an area of 230,000 square feet.
In sync with its store growth plans, Seattle-based retailer announced plans to open two new Nordstrom full-line stores in The Woodlands Mall in The Woodlands, Texas and St. Johns Town Center in Jacksonville, Florida. These stores are also expected to inaugurate in fall of 2014.
The company’s other recent store opening announcements include a Nordstrom Rack store coming up at The Newbry in Boston, Massachusetts, in spring 2013; and two new Nordstrom Rack stores, one each, in Seattle, Washington and El Paso, Texas, expected to open in November 2012 and fall of 2013, respectively.
Nordstrom’s latest store openings signify the company’s commitment to expand its store network with the aim to drive its top-line growth. As of August 2, 2012, Nordstrom operated 117 Nordstrom full-line stores, 110 Nordstrom Rack, 2 Jeffrey boutiques, 1 treasure&bond store and 1 clearance store, thus bringing the total store count to 231.
Moreover, the company has targeted to open 16 new stores in fiscal 2012 consisting of 1 full-line store and 15 Nordstrom Rack Stores. The company has also planned to add 24 new Rack stores in fiscal 2013 and intends to operate 230 Rack stores by the end of 2016.
Nordstrom currently maintains a Zacks #3 Rank, which translates into a short-term Hold rating. Our long-term recommendation on the stock remains Neutral.