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Nordstrom, Inc.'s (NYSE:JWN) new seven-floor women’s store in New York saw impressive traffic during its first few days in operation, and the company could be a brick-and-mortar retailer with solid long-term prospects, according to KeyBanc Capital Markets.
The future of another once-venerable retailer, bankrupt Barneys New York, remains up in the air in the face of a pending sale that could result in the liquidation of Barney’s Madison Avenue flagship store.
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Nordstrom Opens In Manhattan
The long-awaited arrival of the massive Nordstrom department store in midtown Manhattan went well, KeyBanc analyst Edward Yruma said in a Thursday note.
The analyst said he was impressed with traffic levels after the store opened Thursday, and that even with its size, the store’s layout allows for good sight lines — and there are unique food and beverage operations on each floor.
Investors also seemed impressed, sending Nordstrom shares higher Friday.
Broader Expansion Plans
It’s just one part of an expanding footprint for the Seattle-based retailer, which also said it plans new locations in the Dallas, Chicago and San Francisco markets.
It may be an unusual time to roll out new full-line stores in the face of the e-commerce wave, Yruma said.
"We are confident that the concept can be rolled out in a cost effective way ... in addition to tapping the Manhattan market, we think the store will further reinforce JWN as a fashion destination within the industry.”
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The analyst remains bullish on Nordstrom stock, with an Overweight rating and $48 price target.
“We are increasingly confident that we will see the long-awaited inflection in 2020,” Yruma said.
“We believe JWN, with its powerful brand strength and a strong management team, is undervalued at current levels.”
Barneys Uncertainty
Authentic Brands Group — the company behind the Nautica, Nine West, Juicy Couture and Sports Illustrated brands — was the last bidder standing for Barneys following a deadline for final bids on the bankrupt retailer.
A bankruptcy auction that had been scheduled for Monday is now canceled.
It's unclear whether ABG would keep Barney’s flagship Madison Avenue store open, with the future of the outlet dependent on its ability to renegotiate rent, The New York Post reported.
Nordstrom shares were up 1.84% at $37.95 at the time of publication Monday.
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Public domain photo via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.