Taking its store-expansion strategy another step forward, Nordstrom Inc. (JWN) announced its plan to open a new Rack store in Cerritos, CA.
Spanning across 34,000 square feet, the Rack store will be located at Cerritos Best Plaza, a property of CenterCal Properties, LLC. The mall is situated off the 605 and just opposite to the Los Cerritos Center where Nordstrom has been operating its full-line store since 1981. The store, scheduled to open its doors in fall 2015, will form a part of the mall’s redeveloped section that will house a host of other retailers and restaurants.
Earlier this month, the company announced the opening of another 24,000 square feet Rack store in California at Marina Pacifica Mall in Long Beach. The outlet, slated to open doors in fall 2015, will be situated at the junction of Ambassador Caffrey Blvd and Kaliste Saloom Rd.
Developed by NewMark Merrill Companies., the mall accommodates a number 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).
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.
The company now operates 292 outlets across 38 states, including 116 full-line stores in the U.S. and 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 apparent from its recent acquisition of Chicago-based provider of personalized clothing services for men, Trunk Club. We believe this acquisition strategically fits Nordstrom’s business model, as the company is trying to capture the rapidly growing men’s clothing market.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment