In keeping with its store expansion strategy,
) plans to bring up a new Nordstrom rack store in Chestnut
Street, Philadelphia. The 39,000 square-feet store slated to open
doors by the fall of 2014 will mark the company's first store in
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Apart from this, the company already operates full-line Nordstrom
stores and Rack stores in neighboring Cherry Hill, N.J., and King
of Prussia, Pa. and 1 Rack store in Willow Grove, Pa.
Occupying the first three floors of the eight storied building
owned by JEMB Realty Corporation, the new Rack store will replace
the space previously held by Daffy's. This completely renovated
location was first occupied by department store Bonwit Teller.
Nordstrom's Rack stores generally offer merchandise from
Nordstrom stores, Nordstrom.com and special collections from many
of the renowned brands offered at Nordstrom at a significantly
reduced price to customers. A vast assortment of branded apparel,
accessories and shoes that are available at Nordstrom stores are
offered to customers at a discount of about 30%-70%.
Nordstrom's latest store openings signify the company's
commitment to strengthen its network with the aim of driving
top-line growth. Nordstrom's focus on store expansion is evident
from the series of Rack store openings since the beginning of
Nordstrom targets to double the number of Rack stores to more
than 230 by 2016, with roughly 24 openings in 2013 and more than
30 in 2014. Currently, the company plans to open 14 new Rack
stores and relocate 2 Rack stores and 1 full-line store during
the rest of 2013.
As of Oct 1, 2013, Nordstrom operated 252 stores, including 117
Nordstrom full-line stores, 132 Nordstrom Racks, 2 Jeffrey
boutiques and 1 clearance outlet.
Seattle-based Nordstrom currently carries a Zacks Rank #3 (Hold).
Other stocks worth considering in the apparel-shoe space are
Citi Trends Inc.
). Of these, Citi Trends has a Zacks Rank #1 (Strong Buy), while
DSW and ANN carry a Zacks Rank #2 (Buy).