Taking its store-expansion strategy further, Nordstrom Inc. (JWN) announced its plan to introduce a Rack store in Louisiana. The outlet, which is scheduled to open its doors in spring 2016, will mark the company’s second location in the state.
Spanning 25,000 square-foot, this new Rack store will be housed at Ambassador Town Center in Lafayette. The Rack store will be situated exactly at the junction of Ambassador Caffrey Blvd and Kaliste Saloom Rd.
The Ambassador Town Center is quite renowned, spreading across 425,000 square-foot. The property, jointly developed by Stirling Properties and CBL & Associates Properties, Inc., will also house a host of other retailers including Marshalls, Costco Wholesale Corporation (COST), HomeGoods, Dick’s Sporting Goods Inc. (DKS) and Field & Stream, apart from various restaurants.
As mentioned earlier, this will be the company’s second store in Louisiana, as Nordstrom recently declared the opening of its first retail store in the state. This is slated to take place in fall 2015 at The Mall of Louisiana.
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). A better-ranked retail stock in the same industry is Pacific Sunwear of California Inc. (PSUN), with a Zacks Rank #1 (Strong Buy).
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