Nordstrom to Open Store in NYC - Analyst Blog
29 Giugno 2012 - 5:20PM
Zacks
Nordstrom Inc. (JWN) will soon be able to lure
the people of New York City and millions of tourists, as the
company recently entered into an agreement with Extell Development
Company to open a full-line store. It took Nordstrom a long time to
find a proper location in NYC.
As per the agreement, Extell will build a 7-storey department
store for Nordstrom, which will be at the base of a high-rise
tower. It will be located at 225 West 57th Street, Manhattan, NYC
and will also accommodate various other retailers, hotels and
residences. The store, which is expected to be open in 2018, will
occupy an area of 285,000 square feet.
The company which competes with other upscale specialty
retailers such as Saks Incorporated (SKS) and
Macy’s Inc. (M) already operates two stores in
Manhattan, one each under its Nordstrom Rack Store and Treasure
& Bond concept.
We believe the initiative will create brand awareness of the
company throughout the world, as millions of tourist travels to
Manhattan to shop at luxury stores. The company offers both branded
and private label merchandise, which are positioned in the upscale
segment of the industry and targeted toward the aspiring middle
class.
Nordstrom’s latest store openings reflect its commitment to
expanding stores network with the aim to drive its top-line growth.
Nordstrom’s focus on store expansion is evident from its string of
Rack stores openings in Orange, California; Salt Lake City, Utah;
Huntington, New York and Upland, California, since the start of
fiscal 2012.
In fiscal 2011, Nordstrom added 18 new stores, which contributed
significantly to a 12.7% year-over-year growth in fiscal 2011 net
sales. Moreover, Nordstrom plans to continue its store expansion
strategy in fiscal 2012, aiming to open a total of 16 new stores,
comprising 1 full-line store and 15 Rack stores.
Nordstrom currently maintains a Zacks #3 Rank, which translates
into a short-term Hold rating. Our long-term recommendation on the
stock remains Neutral.
NORDSTROM INC (JWN): Free Stock Analysis Report
MACYS INC (M): Free Stock Analysis Report
SAKS INC (SKS): Free Stock Analysis Report
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