Seattle-based Nordstrom Inc. (JWN - Analyst Report) announced plans to open 2 new Nordstrom Rack stores, one at The Maxwell in Chicago, Ill. in 2014 and the other at The Markets at Town Center in Jacksonville, Fla. by fall 2013.
Further bolstering the company’s already strong presence in the Chicago region, the company’s new Rack store will occupy a street level 36,500 square feet space in the 230,000 square feet Maxwell Center. The center is located in the South Loop neighborhood of Chicago, north of the intersection of Canal Street and Roosevelt Road. The new store, besides being adjacent to Roosevelt Road, is a two mile run south of the company’s existing State Street Rack store.
Nordstrom has enjoyed tremendous customer loyalty ever since it stepped into the Chicago area in 1991, where it opened its 1st full-line store in Oakbrook Center. Since then, the company has significantly augmented its presence in the region to currently operate about 4 full-line and 7 Rack stores.
Further, Nordstrom’s new Rack store in Fla. at The Markets at Town Center will add to the company’s 9 full-line and 8 Rack stores operating in the state. The new Rack store will enclose about 35,000 square feet space hybrid retail, dining, and entertainment center located at Gate Parkway and Town Center Parkway just off I-295 / J. Turner Butler Boulevard. The Rack store is located opposite Nordstrom’s recently announced full-line store at St. Johns Town Center, which is expected to open by fall 2014.
The new Rack store will join a mix of vibrant retailers and restaurant chains in the mall, including REI, Ulta Salon, Cosmetics & Fragrance Inc. (ULTA - Snapshot Report) , Best Buy Co. Inc. (BBY - Analyst Report) , West Marine Inc. (WMAR - Snapshot Report) , Brio, Black Finn, Whiskey River, Suite and a variety of boutiques.
Nordstrom’s Rack stores generally offer merchandise from Nordstrom stores and Nordstrom.com at a significantly reduced price to customers. Products at these stores are sold with discounts of roughly 50% to 60% from the original Nordstrom tags. Nordstrom Rack also carries a vast assortment of branded apparel, accessories and shoes that are available at Nordstrom stores, and are offered to customers at a discount of about 30% – 70%.
Nordstrom’s latest store openings signify the company’s commitment to strengthen its network with the aim of driving top-line growth. As of Mar 8, 2013, Nordstrom operated 240 stores, including 117 Nordstrom full-line stores, 119 Nordstrom Racks, 2 Jeffrey boutiques, 1 treasure&bond store and 1 clearance store. Nordstrom currently maintains a Zacks Rank #4 (Sell).