Leading fashion retailer,
), is set to open two more stores, including a Nordstrom Rack
store at Maine Crossing Shopping Center in South Portland, Maine,
and a full-line store at Ridgedale Center in Minnetonka,
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Located in the 274,000 square feet open-air Maine Crossing
Shopping Center, the company's first store in Maine will
encompass an area of 30,000 square feet, occupying the space
vacated by Old Navy. The store will share space with other
leading retailers including
Bed Bath & Beyond Inc.
), A.C. Moore and
The Men's Wearhouse Inc.
). The company plans to open the store to public by spring 2013.
Sited in the Ridgedale Center, Nordstrom's latest full-line store
will join its existing store at Mall of America, which is about
20 miles from Ridgedale Center. Planned to be spread over a
138,000 square feet area, this store will be the company's second
in the state. The Ridgedale Center is the property of
General Growth Properties Inc.
). In addition to its full-line stores, the company serves its
customers in the area, operating two Nordstrom Rack stores - at
Mall of America and at Arbor Lakes in Maple Grove. This store is
scheduled to be inaugurated in the fall of 2015.
Nordstrom's latest store openings signify the company's
commitment to strengthen its network with the aim of driving
top-line growth. As of January 4, 2013, Nordstrom operated 240
stores, including 117 Nordstrom full-line stores, 119 Nordstrom
Racks, 2 Jeffrey boutiques, 1 treasure&bond store and 1
The company has targeted to open 16 new stores in fiscal 2012
consisting of 1 full-line store and 15 Nordstrom Rack Stores.
Additionally, the company has planned to add 24 new Rack stores
in fiscal 2013 and intends to operate 230 Rack stores by the end
Nordstrom currently maintains a Zacks #3 Rank, which translates
into a short-term Hold rating. Moreover, our long-term
recommendation on the stock remains Neutral.