Leading fashion retailer,
), came up with plans to open two more Nordstrom Rack stores at
different locations in the U.S. These new Rack stores will be
located at the Columbia Crossing shopping center in Columbia,
Maryland; and in downtown Washington, District of Columbia.
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The Columbia Crossing shopping center, spread over about 475,000
square feet, is the property of
Kimco Realty Corp.
). Located in Columbia Crossing shopping center, the company's
fourth Rack store in Maryland will encompass an area of 40,750
square feet, just three miles east of its full-line store at The
Mall in Columbia. The store will share space with other leading
Dick's Sporting Goods Inc.
) and Old Navy. The company plans to open the store to public by
Joining the company's several full-line and Rack stores in
greater District of Columbia region, the new Rack store will be
located at the 1800 L Street building, which is owned and managed
by Somerset Partners LLC. The one-level store enclosing about
35,000 square feet will occupy the space previously held by
Borders book store. Other stores in the building include Brooks
Brothers, Burberry, and Thomas Pink. This store is also scheduled
to be inaugurated in the spring of 2013.
Nordstrom's Rack stores generally offer merchandise from
Nordstrom stores and Nordstrom.com at a significantly reduced
price 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 store network with the aim of driving
top-line growth. As of December 17, 2012, Nordstrom operated 117
Nordstrom full-line stores, 119 Nordstrom Racks, 2 Jeffrey
boutiques, 1 treasure&bond store and 1 clearance store, thus
bringing the total store count to 240.
Moreover, 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 of 2016.
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.