Nordstrom Inc.’s (JWN) store-expansion strategy seems to be in full swing as the company recently made yet another Rack store opening announcement. This time Nordstrom plans to introduce an outlet in California that is slated to open its doors in fall 2015.
Spanning 24,000 square-foot, this new Rack store will be situated in Long Beach at Marina Pacifica Mall. The Rack store will be situated exactly at the junction of Ambassador Caffrey Blvd and Kaliste Saloom Rd.
The mall is located quite centrally, making it a convenient spot for all shoppers. Developed by NewMark Merrill Companies., the mall houses a host of other stores including ULTA Beauty, Barnes & Noble, Inc. (BKS), Pier 1 Imports, AMC Theaters, Sports Authority, Best Buy Co., Inc. (BBY) and Ralph Lauren Corporation (RL).
The new Nordstrom Rack will replace Loehmann’s position in the mall. This will be the only Rack store in the city, as the company recently closed down its City Place Rack store in Long Beach.
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.
These constant store openings have led the company to operate 294 outlets across 38 states, including 118 full-line stores in the U.S., one in Canada; two Jeffrey boutiques; 167 Nordstrom Racks; and one clearance store, as of today.
The company’s commitment to expansion is also highlighted by its recent acquisition of Chicago-based provider of personalized clothing services for men, Trunk Club. We believe that this acquisition strategically fits Nordstrom’s business model, as the company attempts to capture the rapidly growing men’s clothing market.
Nordstrom currently carries a Zacks Rank #3 (Hold).
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