Nordstrom, Inc. JWN is set to expand its footprint in North Carolina with the opening of Rack stores in Raleigh and Matthews. These additions, scheduled to open in fall 2024 and spring 2025, respectively, are part of the company's strategic growth in the region, offering a blend of quality retail experience and community engagement.
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Detailed Overview of New Store Locations
In Raleigh, the new store spans 32,000 square feet within the bustling Triangle Town Place. This location is chosen for its accessibility, situated off Capital Blvd and in close proximity to I-540. Triangle Town Place is owned and managed by Global Net Lease, Inc. This new store will make the center a prime shopping destination in Northeast Raleigh.
In Matthews, the store will occupy 25,000 square feet in Sycamore Commons, positioned off US-74/Independence Boulevard and Northeast Parkway. The shopping center, managed by InvenTrust Properties, will benefit from the addition of Nordstrom Rack, aligning with the company’s mission of providing quality and value to customers.
Enhancing Customer Experience Through Services & Offerings
Both Raleigh and Matthews Nordstrom Rack locations are set to enhance shopping experiences with an array of services. These include the convenience of online order pick-up from Nordstrom.com and NordstromRack.com, and streamlined return processes.
Additionally, the stores will feature an extensive range of products, from apparel to accessories and home goods, offering up to 70% off on these items. This aligns with Nordstrom Rack's commitment to delivering value and quality, integral to Nordstrom's "Closer to You" strategy, which aims to create a seamless and interconnected shopping experience across their physical and digital platforms.
The planned opening of Nordstrom Rack stores in Raleigh and Matthews is a testament to Nordstrom’s commitment to expanding its retail footprint in North Carolina. This expansion not only enhances the retail landscape but also underscores JWN's role as an economic booster.
Nordstrom, a renowned Seattle-based fashion retailer, has been making efforts to drive efficiency and improve customer experience via faster order fulfillment. It is also on track to reduce inventory and optimize product mix. The company is concentrating on adding premium brands to Nordstrom Rack, improving assortment and boosting brand recognition. The Zacks Rank #3 (Hold) stock has gained 33% in the past three months compared with the industry’s growth of 34.7%.
Three Solid Picks
A few better-ranked stocks are Abercrombie & Fitch Co. ANF, American Eagle Outfitters Inc. AEO and Deckers Outdoor Corporation DECK.
Abercrombie operates as a specialty retailer of premium, high-quality casual apparel. It currently sports a Zacks Rank #1 (Strong Buy). The company recorded an EPS surprise of 60.5% in the last reported quarter.
You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Abercrombie’s current fiscal-year sales suggests growth of 15.1% from the year-ago reported number. ANF has a trailing four-quarter earnings surprise of 713%, on average.
American Eagle Outfitters is a specialty retailer of casual apparel, accessories and footwear for men and women. It currently flaunts a Zacks Rank #1.
The Zacks Consensus Estimate for American Eagle Outfitters’ current fiscal-year earnings and sales indicates growth of 45.4% and 5%, respectively, from the previous year’s reported numbers. AEO has a trailing four-quarter average earnings surprise of 23%.
Deckers is a leading designer, producer and brand manager of innovative, niche footwear, and accessories developed for outdoor sports and other lifestyle-related activities. It has a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Deckers’ current fiscal-year sales and earnings suggests growth of 12.4% and 23.4%, respectively, from the year-ago reported numbers. DECK has a trailing four-quarter earnings surprise of 26.3%, on average.
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