Nordstrom (JWN) to Expand Reach With New Rack in Minnesota

Zacks Equity Research

May 7, 2024 at 12:44 p.m.·3 min read

Nordstrom, Inc. JWN has announced plans to open a Nordstrom Rack location in Apple Valley, MN, by spring 2025. This move is part of the company's strategy to expand its market presence in the Minneapolis area and introduce more customers to its unique shopping experience.

The new 30,000-square-foot store will be situated in Fischer Marketplace, a well-known shopping center that houses a variety of other retail outlets, including Fresh Thyme, Ulta Beauty and Michaels. Located conveniently off County Road 42 and Galaxie Avenue, the marketplace is managed by Cushman & Wakefield. This ensures a prime location for Nordstrom Rack’s newest addition.

Management expects the new Nordstrom Rack store to offer amazing brands at great prices, catering to the needs of the Apple Valley community. Customers will benefit from a range of convenient services, such as online order pick-up from Nordstrom.com and NordstromRack.com, easy returns, and other customer-focused offerings.

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Focus on Digital Integration

Nordstrom Rack plays a crucial role in Nordstrom’s "Closer to You" strategy, which aims to provide a more interconnected experience that combines digital platforms and physical stores. This approach is reflected in the services available at the new store, such as online order pickups and hassle-free returns, seamlessly blending online shopping with the physical store experience.

A Growing Retail Footprint

This addition to the Nordstrom Rack chain reaffirms Nordstrom's commitment to growth and customer service. As the largest source of customers for Nordstrom, Nordstrom Rack stores play a significant role in the company’s overall strategy by offering up to 70 percent off on trending apparel, accessories, beauty products and home goods. The upcoming store in Apple Valley is set to further enhance the shopping landscape with its premium offerings at discounted prices.

Looking Forward

With this expansion, Nordstrom continues to adapt to the evolving retail landscape, focusing on in-person and online experiences to meet the diverse needs of today’s consumers. The Apple Valley store is poised to become a key player in the region, contributing positively to the company’s ongoing efforts to offer exceptional value and convenience to its customers.

The Zacks Rank #3 (Hold) stock has gained 6.2% in the past three months compared with the industry’s growth of 4.9%.

Three Solid Picks

Some better-ranked Retail-Wholesale stocks are American Eagle Outfitters Inc. AEO, Abercrombie & Fitch Co. ANF and The Gap, Inc. GPS.

American Eagle is a specialty retailer of casual apparel, accessories and footwear. The company sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for American Eagle’s current fiscal-year earnings and sales indicates growth of 12.5% and 3.3%, respectively, from the year-ago period’s reported figures. AEO has a trailing four-quarter average earnings surprise of 22.7%.

Abercrombie is a specialty retailer of premium, high-quality casual apparel. The company currently has a Zacks Rank of 2 (Buy). ANF has a trailing four-quarter average earnings surprise of 715.6%.

The Zacks Consensus Estimate for Abercrombie’s current fiscal-year earnings and sales indicates growth of 19.1% and 5.6%, respectively, from the year-ago period’s reported figures.

The Gap is a premier international specialty retailer offering a diverse range of clothing, accessories and personal care products. The company has a Zacks Rank of 2 at present.

The Zacks Consensus Estimate for GPS’s current fiscal-year earnings and sales indicates declines of 0.3% and 4.9%, respectively, from the year-ago period’s reported figures. GPS has a trailing four-quarter average earnings surprise of 180.9%.

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