Nordstrom Advances with Store Plans - Analyst Blog
05 Aprile 2013 - 11:50AM
Zacks
Seattle-based Nordstrom Inc. (JWN) announced
its plans to open 2 new Nordstrom Rack stores, one at the Belle
Isle Station in Oklahoma City, Okla. and the other at the 901
Market Street property in Downtown San Francisco, Calif.
Nordstrom announced its entry in Okla. with its first Rack store in
the Belle Isle Station. Enclosing about 34,000 square feet space,
the new store will be located just east of Penn Square Mall.
Occupying the space formerly held by Linens N Things, the new Rack
store will join a mix of vibrant retailers in the mall, including
Wal-Mart Stores Inc. (WMT), Ross Stores
Inc. (ROST), and Old Navy, a brand of Gap
Inc. (GPS). The store is expected to open to public in
fall 2013.
Further, Nordstrom is on track to expand its footprint in San
Francisco with the opening of a new 2-storied Rack store in
Downtown San Francisco by spring 2014. The company’s new Rack store
will occupy a portion of the ground floor and the entire 2nd floor,
enclosing about 45,496 square feet of the 90,000 square feet retail
space in the 901 Market Street lease. Additionally, the lease,
owned by Hudson Pacific Properties Inc., comprises 122,000 square
feet of office space.
901 Market Street is a centrally located 212,000 square feet
commercial space in Downtown San Francisco, conveniently situated
at the corner of Fifth Street and Market Street, adjoining the
Westfield San Francisco Shopping Centre and the Union Square BART
entrance. The property also enjoys tremendous accessibility from
the Union Square.
Currently, Nordstrom operates a full-line store in Westfield San
Francisco Shopping Centre just across Fifth Avenue on Market
Street. Overall, the company operates 10 full-line stores and 10
Rack stores in Northern Calif.
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 Apr 4, 2013, Nordstrom operated 242 stores, including 117
Nordstrom full-line stores, 121 Nordstrom Racks, 2 Jeffrey
boutiques, 1 treasure&bond store and 1 clearance store.
Nordstrom currently maintains a Zacks Rank #4 (Sell).
GAP INC (GPS): Free Stock Analysis Report
NORDSTROM INC (JWN): Free Stock Analysis Report
ROSS STORES (ROST): Free Stock Analysis Report
WAL-MART STORES (WMT): Free Stock Analysis Report
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