Striding ahead with its store expansion strategy,
) announced its plans to open a Nordstrom rack store by the
spring of 2014 in Riverside County, CA. The 45,000 square-feet
mall will be located at the 91 Freeway and Central Avenue,
The Riverside Plaza boasts the presence of retailers, services
and restaurants such as Trader Joe's, Vons, Forever 21,
Jos. A Bank Clothiers Inc.
), Regal Cinemas, California Pizza Kitchen and
Panera Bread Co.
). Nordstrom is likely to benefit from this ambience.
Nordstrom's current store count stands at 22 full-line stores and
24 Rack stores across Southern California. The company also has a
full-line store at The Galleria at Tyler in Riverside.
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. So far, the company has opened 9 Rack stores
including Webster, TX, Brooklyn, NY, Skokie, IL and West Palm
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.
As of Sep 5, 2013, Nordstrom operated 247 stores, including 117
Nordstrom full-line stores, 127 Nordstrom Racks, 2 Jeffrey
boutiques and 1 clearance outlet.
Seattle-based Nordstrom currently carries a Zacks Rank #3 (Hold).
Another stock worth consideration is
Citi Trends, Inc.
), which has a Zacks Rank #1 (Strong Buy).
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