As recently revealed by a market source, apparel store chain Nordstrom Inc. (JWN) is now set to relocate to its newly renovated full-line store within the Ala Moana Center in Honolulu, HI, on Mar 11, 2016. The company’s current store, located at the back side of the mall along the Kapiolani Boulevard, was opened in Mar 2008.
This relocation is a part of the Ewa wing redevelopment project for which mall owner General Growth Properties is spending $573 million. The new Nordstrom store will be located at the Ewa end of the mall along Piikoi Street, nearby Hawaii’s first Bloomingdale’s store – a chain owned by Macy’s Inc. (M).
Covering an area of 185,000 square feet, the new three-level store is slightly smaller than the current location, which occupies a space nearly 210,000 square feet. However, interiors of the new store have been bettered with more glass and light. The company also plans to open a restaurant and wine bar on the third-level of this outlet.
Seattle-based 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.
The company now operates 292 outlets across 38 states, including 116 full-line stores in the U.S., one in Canada; two Jeffrey boutiques; 167 Nordstrom Racks; and one clearance store.
This Zacks Rank #3 (Hold) company’s focus on expansion is also highlighted in its recent acquisition of Chicago-based Trunk Club, provider of personalized clothing services for men. We believe this acquisition strategically fits Nordstrom’s business model, as the company is trying to capture the rapidly growing men’s clothing market.
Other Stocks to Consider
Some better-ranked stocks in the same industry are Bebe Stores Inc. (BEBE) and Buckle Inc. (BKE), both carrying a Zacks Rank #1 (Strong Buy).
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