Nordstrom Expands in Orange Country - Analyst Blog
December 30 2011 - 4:00AM
Zacks
Nordstrom Inc.
(JWN), one of the largest fashion specialty retailers in the U.S.,
intends to further expand its Rack concept by opening a new store
in Huntington Beach, California. The store that is scheduled to
open in fall 2012 will include a wide selection of apparels,
accessories and shoes of the Nordstrom Rack store.
Nordstrom Rack store is an
off-price retail format of Nordstrom that sells the company's
off-season and clearance goods from its mall stores and
Nordstrom.com, at a discount of 50-60% from original Nordstrom
prices. Rack also showcases apparel, accessories and shoes, which
are specially purchased for Nordstrom Rack at 30-70% lesser than
original prices. The Rack concept is specifically designed for
customers who are appreciative of the brand but cannot afford it
due to its higher pricing.
The new store, spanning across
34,000 square feet, will share the floor with retailers such as
Dick’s Sporting Goods Inc (DKS), Michaels and
PetSmart Inc (PETM).The new store
will now be a part of Edinger Plaza shopping center, which is owned
and managed by Watt Commercial properties.
This store will be the company’s
fifth Nordstrom Rack store in California. Apart from this, the
company also operates six full-line stores in the country.
About Watt Commercial
Properties
A division of Watt companies, Watt
Commercial Properties specializes in development and management of
shopping centers in urban markets, mostly located in Southern
California region. The company has retail spaces spanning over 2
million square feet in 39 shopping centers. In the last 60 years,
the company has built over 8 million square feet of manufacturing
and commercial space, shopping centers totaling more than half of a
century, and has also constructed homes for over 100,000 families.
Moreover, the company developed 3 first class hotels and half a
dozen planned communities.
Store
Update
At present, the Seattle-based
company, Nordstrom, operates a network of 225 stores located in 30
states, of which 117 are full-line stores, 104 Nordstrom Racks, two
Jeffrey boutiques, one treasure&bond store and one clearance
store.
Nordstrom, which competes with
Gap Inc. (GPS) and Abercrombie & Fitch
Co. (ANF), currently, holds a Zacks #3 Rank, implying a
short-term 'Hold' rating on the stock. Besides, the company retains
a long-term 'Neutral' recommendation on the stock.
ABERCROMBIE (ANF): Free Stock Analysis Report
DICKS SPRTG GDS (DKS): Free Stock Analysis Report
GAP INC (GPS): Free Stock Analysis Report
NORDSTROM INC (JWN): Free Stock Analysis Report
PETSMART INC (PETM): Free Stock Analysis Report
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