With its store expansion endeavor in full swing, Nordstrom Inc. (JWN) announced its latest plan to introduce another Rack store in New Jersey. The outlet which is scheduled to open its doors in fall 2015 will mark the company’s fifth Rack store in the state.
Located at Crossroads at Eatontown in Eatontown, the store will fortify Nordstrom’s presence in New Jersey, where it currently operates three Rack stores and is going to open a fourth one at Mercer Mall in Princeton during spring 2015.
Situated near the main entrance of Monmouth Mall, Crossroads is owned and operated by LGR Associates. Nordstrom Rack store will be located at the intersection of highway 35 and 36 which is easily reachable from the Garden State Parkway exit point 105 and Route 18 exit point 13B.
The new store will cover an area of approximately 35,250 square feet in a section of the mall that has been recently renovated. The store will join a host of retailers and lifestyle brands including Macy's Inc. (M) and Fortunoff Backyard.
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.
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Some better-ranked stocks in the same industry are Aeropostale Inc. (ARO) and Citi Trends Inc. (CTRN). While Aeropostale holds a Zacks Rank #1 (Strong Buy), Citi Trends carry a Zacks Rank #2 (Buy).
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