Following last week's store opening plans, Seattle-based
), is now looking forward to inaugurating two more Nordstrom Rack
stores at different locations in the U.S. by fall of 2013. These
new Rack stores will be located at The Mercato in Naples,
Florida; and at the Perimeter Expo shopping center in Atlanta,
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Joining the company's nine full-line and eight Rack stores in the
state of Florida, the new Rack store will be located off the
US-41, about two miles run from the Nordstrom full-line store at
Waterside Shops. Housed in The Mercato, the two-level store will
enclose about 30,000 square feet space in the property of Madison
Marquette Retail Services. The store will occupy the space
previously held by Borders book store. Other stores in the
Whole Foods Markets Inc.
Ulta Salon, Cosmetics & Fragrance Inc.
), Sur La Table, Capital Grille and Blue Martini.
The Perimeter Expo shopping center store, spread over about
36,000 square feet, will be located just opposite the company's
full-line store at the Perimeter Mall. This store in the property
Kimco Realty Corp.
) will be the company's fourth Rack store in the greater Atlanta
metropolitan area. Apart from this, the company has three
full-line stores and one Jeffrey boutique in this area. The store
is expected to come up in the space vacated by
Best Buy Co. Inc.
) and will share space with other leading brands including
Marshall's, Old Navy, Off Broadway and Thomasville Furniture.
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 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 Rank #3 (Hold). Moreover,
our long-term recommendation on the stock remains Neutral.