With its store expansion in full swing, Nordstrom Inc. ( JWN ) announced its latest plans to introduce one Nordstrom Rack store each in New York and Louisiana.
Located at Colonie Center in Albany, the store will fortify Nordstrom's presence in New York, where it currently operates nine Rack stores. Earlier this month, the company inaugurated a new Rack store at Gateway Center in Brooklyn. Moreover, the company has two functional full-line stores at The Westchester in White Plains and at Roosevelt Field in Garden City.
Situated at the intersection of Wolf Road and Central Avenue in the heart of the capital region, Colonie Center is owned by KRE Colonie Owner LLC, managed by Pacific Retail Capital Partners LLC and leased by Clifton Realty Management LLC.
The new two-level store, which is scheduled to open its doors in fall 2015, will cover an area of approximately 34,700 square feet in the section of the mall that is currently under renovation. The store will join a host of retailers and lifestyle brands including L.L. Bean, Bose, Barnes & Noble, Sephora, Macy's Inc. ( M ), Boscov's, Sears Holdings Corp. ( SHLD ) and Whole Foods Market.
The new Nordstrom Rack store in Louisiana will be located at The Mall of Louisiana in Baton Rouge and is scheduled to open in fall 2015. The approximately 30,000-square-foot store will mark the opening of Nordstrom's first retail outlet in the state of Louisiana.
The Mall of Louisiana, situated on I-10 in Baton Rouge, is spread across an area of 1.5 million square feet and in two-levels. The business center is owned and managed by General Growth Properties Inc.
The mall houses five department stores and over 175 specialty retailers, including Michael Kors, Apple, Forever 21, Sephora and Soma Intimates. The new Rack store will share space with retailers like Dick's Sporting Goods Inc. ( DKS ), DSW, Ulta, Lane Bryant and Kirkland's.
Nordstrom Rack, being the off-price retail segment of the company, offers fashion-savvy customers a wide range of on-trend apparel, footwear and other accessories at discounted prices. These Racks usually keep items from the main Nordstrom stores and its online store Nordstrom.com. Alongside these, the stores stack products bought from other big brands sold by the company.
Nordstrom's focus on store expansion is evident from the series of Rack store openings since the beginning of fiscal 2014. Its latest store openings signify the company's commitment toward strengthening its network with the aim of driving top-line growth.
During the first half of fiscal 2014, the company opened 11 new Rack stores, increasing the total store count to 271 from 248 at the end of second-quarter fiscal 2013. For fiscal 2014, this Zacks Rank #3 (Hold) company plans to further expand its store base by opening 16 stores in the remaining period.