Nordstrom to Open its Ninth Rack Store in South Florida
With its store expansion endeavor in full swing, Nordstrom Inc. (JWN) announced its plan to introduce another Rack store in Florida. The outlet, which is scheduled to open its doors in fall 2016, will mark the company’s ninth Rack store in South Florida.
Located at 1600 Commons in Fort Lauderdale, the store will fortify Nordstrom’s presence in South Florida, where it first set foot in 2000 with its store at Town Center in Boca Raton. The company currently operates seven Rack stores in the region, including the recent one opened in West Palm Beach. Additionally, the company is scheduled to open its eighth store in the region in spring 2015 at the Shops at Midtown Miami.
Situated on Federal Highway between NE 15th and NE 16th Streets, the new two-level Rack store will cover an area of approximately 36,000 square feet in a section of the mall that is being renovated. The property, which is being developed by Halvorsen Holdings, will also house a host of other retailers, like Office Depot Inc. (ODP) and Trader Joe's, marking the latter’s first appearance in Fort Lauderdal.
Nordstrom Rack, being the off-price retail segment of the company, 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. Alongside these, the stores stack products from other big brands sold by the company.
Nordstrom’s focus on store expansion is evident from the series of Rack store openings since the beginning of fiscal 2014. Its latest store openings signify the company’s commitment toward strengthening its network with the aim of driving top-line growth.
Since the beginning of fiscal 2014, this Zacks Rank #3 (Hold) company has opened 29 stores and currently operates a total of 289 outlets across 37 U.S. states and Canada.
Other Stocks Worth Considering
Some better-ranked stocks in the same industry are L Brands Inc. (LB) and Zumiez Inc. (ZUMZ), both carrying a Zacks Rank #2 (Buy).
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