In furtherance of its store expansion strategy,
) announced the opening of its first Nordstrom Rack location in
South Carolina. The company unveiled its plans to open a new Rack
store at Magnolia Park in Greenville.
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Located in Magnolia Park, constructed by Menin Development Inc.,
the store will occupy 32,000 square feet space in the mall. In
its final stages, the new phase of the mall will house leading
retailers, restaurants and entertainers in an area of about
800,000 square feet. Currently, the mall includes retail chains
Costco Wholesale Corp.
), Toys "R" Us and Babies "R" Us and entertainer Regal Cinemas, a
theatre circuit of
Regal Entertainment Group
). The store is scheduled to open by fall 2014.
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
fiscal 2013. As of Nov 12, 2013, Nordstrom operates 261 stores,
including 117 Nordstrom full-line stores, 141 Nordstrom Racks, 2
Jeffrey boutiques and 1 clearance outlet.
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 13 more Rack
stores during the remainder of 2013.
Seattle-based Nordstrom currently carries a Zacks Rank #3 (Hold).
Another stock worth consideration among apparel-shoe retailers is
), which has a Zacks Rank #2 (Buy).