Nordstrom Adds Another Rack Store - Analyst Blog
In keeping with its ongoing store expansion strategy, Nordstrom Inc. (NYSE: JWN) announced plans to open a new Nordstrom Rack store at Mountain Grove in Redlands, CA.
This new Rack store, spread over roughly 35,000 square-feet and slated to open its doors in spring 2015, will mark the company's 7th Rack store within the Inland Empire. The company already operates two full-line stores in the region at The Galleria at Tyler in Riverside and at Montclair Plaza. Additionally, the company recently inaugurated a new Rack store at Riverside Plaza on Apr 3. Majestic Realty Co. is the proud owner and operator of the Mountain Grove project.
Mountain Grove is situated adjacent to Citrus Plaza in the northwest corner of the center off the 210 and 10 freeways. The mall complements the already in place Citrus Plaza housing popular retailers like The TJX Companies Inc. (NYSE: TJX) operating its T.J.Maxx and HomeGoods stores, Bed Bath & Beyond Inc. (NASDAQ: BBBY) with its buybuy BABY stores, and Tilly's Inc. (NYSE: TLYS) coming up in the first phase of the project. On the other hand, Citrus Plaza that opened in 2004 harbors several retailers including Target, Kohl's and Bed Bath & Beyond.
The announcement of this new Rack store follows the company's Apr 8th announcement to open a Nordstrom Rack store in Bakersfield, CA. This new rack store slated to open its doors in spring 2015, will mark the company's debut in Bakersfield. The project, developed by Castle & Cooke, Inc., will be an integral part of the popular hub in the region, titled ‘The Shops at River Walk.'
Nordstrom Rack, the off-price retail segment of the company, caters to stylish and trend-savvy customers. It stocks a broad range of fashionable apparel, footwear and other accessories at discounted prices. The Rack stores usually keep items from the main Nordstrom stores and the online website, www.Nordstrom.com. Alongside, these stores stack products bought from other big brands as well.
Nordstrom's latest store openings signify its commitment to strengthen the retail network to drive top-line growth. Nordstrom's focus on store expansion is evident from the series of Rack store openings since the beginning of fiscal 2013. As of today, the company operates 267 outlets across 36 states, with 147 Nordstrom Racks, 117 full-line stores, 2 Jeffrey boutiques and 1 clearance outlet.
Currently, this Seattle-based company carries a Zacks Rank #4 (Sell).
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