Nordstrom Lays Down New Store Plans - Analyst Blog
18 Dicembre 2012 - 3:15PM
Zacks
Leading fashion retailer, Nordstrom Inc. (JWN),
came up with plans to open two more Nordstrom Rack stores at
different locations in the U.S. These new Rack stores will be
located at the Columbia Crossing shopping center in Columbia,
Maryland; and in downtown Washington, District of Columbia.
The Columbia Crossing shopping center, spread over about 475,000
square feet, is the property of Kimco Realty Corp.
(KIM). Located in Columbia Crossing shopping center, the company’s
fourth Rack store in Maryland will encompass an area of 40,750
square feet, just three miles east of its full-line store at The
Mall in Columbia. The store will share space with other leading
retailers including Target Corp. (TGT), TJMaxx,
Dick's Sporting Goods Inc. (DKS) and Old Navy. The
company plans to open the store to public by spring 2013.
Joining the company’s several full-line and Rack stores in greater
District of Columbia region, the new Rack store will be located at
the 1800 L Street building, which is owned and managed by Somerset
Partners LLC. The one-level store enclosing about 35,000 square
feet will occupy the space previously held by Borders book store.
Other stores in the building include Brooks Brothers, Burberry, and
Thomas Pink. This store is also scheduled to be inaugurated in the
spring of 2013.
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% to 70%.
Nordstrom’s latest store openings signify the company’s commitment
to expand its store network with the aim of driving top-line
growth. As of December 17, 2012, Nordstrom operated 117 Nordstrom
full-line stores, 119 Nordstrom Racks, 2 Jeffrey boutiques, 1
treasure&bond store and 1 clearance store, thus bringing the
total store count to 240.
Moreover, the company has targeted to open 16 new stores in fiscal
2012 consisting of 1 full-line store and 15 Nordstrom Rack Stores.
Additionally, the company has planned to add 24 new Rack stores in
fiscal 2013 and intends to operate 230 Rack stores by the end of
2016.
Nordstrom currently maintains a Zacks #3 Rank, which translates
into a short-term Hold rating. Moreover, our long-term
recommendation on the stock remains Neutral.
DICKS SPRTG GDS (DKS): Free Stock Analysis Report
NORDSTROM INC (JWN): Free Stock Analysis Report
KIMCO REALTY CO (KIM): Free Stock Analysis Report
TARGET CORP (TGT): Free Stock Analysis Report
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