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Nordstrom Expands: To Open Two Rack Stores in Canada
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Having done a great job with its full-line stores in Canada, the Seattle-based Nordstrom Inc. (JWN - Free Report) is now keen to expand its Rack store base in the country. The company recently announced plans to introduce its second and third Rack stores in Canada, in the states of Alberta and Ontario. These stores are slated to open doors in spring 2018. An international real estate company, Ivanhoe Cambridge presently owns and controls both properties.
Earlier, the company announced plans to open its first Canadian Nordstrom Rack store at One Bloor in Toronto, slated for spring 2018.
The Alberta store, which is nearly 30,500 square feet, will be built at the Deerfoot Meadows shopping mall in Calgary. It is conveniently situated south of downtown off of Deerfoot Trail, Heritage Drive and Glenmore Trail. This store will find its place amid a great mix of retailers housed at Deerfoot Meadows, including Sport Chek, Gap Inc.’s (GPS - Free Report) Banana Republic and Gap Factory Outlets, and Ikea. Calgary is special to Nordstrom as it launched its first namesake store here in 2014.
Spanning 35,000 square feet, the new Ontario store will be positioned at Vaughan Mills, in Greater Toronto. It will be situated next to Highway 400 north of downtown Toronto. This new Rack store will join a mix of retailers, including Winners, Forever 21, HR2, J.Crew, H&M and Lululemon Athletica Inc. (LULU - Free Report) .
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.
The fashion specialty retailer has made significant progress with its store expansion plans in Canada, which was first announced in 2012. To date the company 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. The company intends to introduce three additional full-line stores in the Toronto area including CF Toronto Eaton Centre on Sep 16, 2016, Yorkdale Shopping Centre on Oct 21, 2016 and CF Sherway Gardens in fall 2017.
Nordstrom currently operates 329 outlets across 39 states. Its portfolio includes 121 full-line stores across the U.S., Puerto Rico and Canada, 2 Jeffrey boutiques, 200 Nordstrom Racks and 1 clearance store.
We believe that this Zacks Rank #2 (Buy) company, with its strong brand image, amendments to the operating model for cost savings, and continuous store expansion, is well positioned to deliver on its long-term goals.
Another favorably ranked stock in the same industry is The Children's Place, Inc. (PLCE - Free Report) , sporting a Zacks Rank #1 (Strong Buy).
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Nordstrom Expands: To Open Two Rack Stores in Canada
Having done a great job with its full-line stores in Canada, the Seattle-based Nordstrom Inc. (JWN - Free Report) is now keen to expand its Rack store base in the country. The company recently announced plans to introduce its second and third Rack stores in Canada, in the states of Alberta and Ontario. These stores are slated to open doors in spring 2018. An international real estate company, Ivanhoe Cambridge presently owns and controls both properties.
Earlier, the company announced plans to open its first Canadian Nordstrom Rack store at One Bloor in Toronto, slated for spring 2018.
The Alberta store, which is nearly 30,500 square feet, will be built at the Deerfoot Meadows shopping mall in Calgary. It is conveniently situated south of downtown off of Deerfoot Trail, Heritage Drive and Glenmore Trail. This store will find its place amid a great mix of retailers housed at Deerfoot Meadows, including Sport Chek, Gap Inc.’s (GPS - Free Report) Banana Republic and Gap Factory Outlets, and Ikea. Calgary is special to Nordstrom as it launched its first namesake store here in 2014.
Spanning 35,000 square feet, the new Ontario store will be positioned at Vaughan Mills, in Greater Toronto. It will be situated next to Highway 400 north of downtown Toronto. This new Rack store will join a mix of retailers, including Winners, Forever 21, HR2, J.Crew, H&M and Lululemon Athletica Inc. (LULU - Free Report) .
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.
The fashion specialty retailer has made significant progress with its store expansion plans in Canada, which was first announced in 2012. To date the company 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. The company intends to introduce three additional full-line stores in the Toronto area including CF Toronto Eaton Centre on Sep 16, 2016, Yorkdale Shopping Centre on Oct 21, 2016 and CF Sherway Gardens in fall 2017.
Nordstrom currently operates 329 outlets across 39 states. Its portfolio includes 121 full-line stores across the U.S., Puerto Rico and Canada, 2 Jeffrey boutiques, 200 Nordstrom Racks and 1 clearance store.
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We believe that this Zacks Rank #2 (Buy) company, with its strong brand image, amendments to the operating model for cost savings, and continuous store expansion, is well positioned to deliver on its long-term goals.
Another favorably ranked stock in the same industry is The Children's Place, Inc. (PLCE - Free Report) , sporting 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 >>