), a leading Seattle-based fashion retailer, announced its
intentions to open a third Nordstrom Rack store in Long Island,
New York, by fall 2013. The company's new store will be nested in
the Manhasset Center, which is a property of
Kimco Realty Corp.
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Located off the Northern Boulevard, the Manhasset Center is a
large shopping center spread over an area of 189,000-square feet.
Enclosing a store area of about 32,000 square feet, the new
two-level store is positioned in the ground and second level of
the Manhasset Center. The store will replace the space previously
occupied by Filene's Basement. Further, the company's new Rack
store will shake legs with regional grocer, King Kullen, and
retailers Marshalls, a subsidiary of
The TJX Companies
), and Michaels, at the Manhasset Center.
Simultaneously, Nordstrom opened two previously announced Rack
stores in New York. These stores comprise the company's second
Rack store in Long Island at Huntington Shopping Center and a
repositioned store in White Plains at City Center. Last month,
the company had opened another relocated Nordstrom Rack store at
Gallery at Westbury Plaza.
Nordstrom Rack store is an off-price retail format of Nordstrom.
These stores generally offer merchandises that are in trend from
Nordstrom stores and Nordstrom.com at significantly reduced
prices to customers. Products at these stores are sold with
discounts of roughly 50% to 60% from the original Nordstrom tags.
Nordstrom Rack also carries a vast assortment of branded apparel,
accessories and shoes that are available at Nordstrom stores, and
are offered to customers at a discount of about 30% to 70%.
Nordstrom's latest store openings signify the company's
commitment to expand its stores to drive its top-line growth. As
of October 17, 2012, Nordstrom operated 117 Nordstrom full-line
stores, 116 Nordstrom Rack, 2 Jeffrey boutiques, 1
treasure&bond store and 1 clearance store, thus bringing the
total store count to 237.
Moreover, the company remains on track to achieve its target of
opening 16 new stores in fiscal 2012 consisting of 1 full-line
store and 15 Nordstrom Rack Stores. Year-to-date, the company has
already opened 1 full-line store and 11 rack stores and will open
one more Rack store this month at Huntington Shopping Center in
Huntington, New York.
Further, Nordstrom plans to add 24 new Rack stores in fiscal 2013
and intends to operate 230 of such stores by the end of 2016.
Currently, Nordstrom has a Zacks #2 Rank, which translates to a
short-term Buy rating. However, we remain slightly cautious on
the stock and uphold our long-term 'Neutral' recommendation,
waiting to see further catalysts before obtaining a more positive
stance on the stock.