Nordstrom Inc. (JWN - Free Report) remains committed to its store expansion strategy as it gears up to inaugurate another Rack store in California. This will mark the company’s 18th Rack store in the Northern California and its first Rack outlet in Marin County. However, the company has been serving patrons in the Marin County for over 30 years now with its full-line store at Corte Madera.
Coming back to the latest Rack outlet, the California store will open at Vintage Oaks Shopping Center in Novato. Owned by James Campbell Company LLC of Hawai'I and managed by the Crosspoint Realty Services, Inc. of San Francisco, the mall is conveniently located just off of Highway 101, and at the intersection of Rowland Boulevard and Vintage Waynorth of The Woodlands mall. The 620,000-square foot super-regional open-air center is located about 30 miles north of San Francisco.
Spread over 39,000 square feet, the new Rack store is scheduled to open doors in spring 2017. At the mall, Nordstrom will occupy the location previously held by The Sports Authority. Further, it will share the floor with a host of leading retailers, restaurants and services including Costco Wholesale Corporation (COST - Free Report) , Target Corp. (TGT - Free Report) , Marshalls, Ross Stores Inc. (ROST - Free Report) , DSW, Old Navy, Ann Taylor Loft, Sephora, Petco, and In 'n Out Burger.
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 348 outlets across 40 states. Its portfolio includes 123 full-line stores across the U.S., Puerto Rico and Canada, two Jeffrey boutiques, 215 Nordstrom Racks and two clearance stores.
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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