Nordstrom Inc. (JWN - Free Report) remains committed to its store expansion strategy as it gears up to launch another Rack store in Texas. This will mark the company’s sixth Rack store in the Houston area. It had opened its fifth outlet in the region at Willowbrook Mall in Sep 2014. Additionally, the company has a full-line store operating at the Woodlands Mall since 2014.
Coming back to the latest Rack outlet, the Texas store will open at Portofino Shopping Center in Shenandoah. Owned by Kite Realty Group, the mall is conveniently located near the Interstate 45, north of The Woodlands mall and 30 miles away from downtown Houston.
Spread over 27,000 square feet, the new Rack store is scheduled to open doors in spring 2018. At the Portofino shopping center, Nordstrom will join a host of leading retailers, restaurants and banks including Sam's Club, DSW Inc. (DSW - Free Report) , TJ Maxx, PGA Superstore, The Michaels Companies Inc. (MIK - Free Report) , Old Navy from Gap Inc. (GPS - Free Report) and Men's Wearhouse.
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. Further, these stores stack products from other major brands sold by the company.
Nordstrom currently operates 341 outlets across 40 states. Its portfolio includes 122 full-line stores across the U.S., Puerto Rico and Canada, 2 Jeffrey boutiques, 210 Nordstrom Racks and 1 clearance store.
We believe that this off-price retailer, 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. The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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