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Nordstrom Opens Second Full-line Store in Twin Cities

Zacks Equity Research
Updated

Nordstrom Inc’s JWN store expansion strategy has started gathering pace. The company opened its second full-line store in the Twin Cities, that is, the Minneapolis-Saint Paul metropolitan area in Minnesota.

Located at Ridgedale Center in Minnetonka, the store features the company’s latest interior and exterior design concepts while accommodating a full-service restaurant and bar, and improved beauty experience.

Nordstrom had introduced its first Twin Cities store way back in 1992 at Mall of America. Since then, the company has continued to receive positive response from its residents. This encouraged the company to introduce another store in order to better serve its customers in the region.

The two-level, 140,000 square feet store is designed to feature five shoe departments, expansive cosmetics and accessories areas, and a comprehensive offering of popular brand names for women, men and children.

The popular shoes and handbags brands available at the store include Kate Spade, Rebecca Minkoff and Michael Michael Kors, among others. The women’s apparel available at the store will comprise of designer collections from Alice & Olivia, Tory Burch, DVF and Elizabeth & James. Additionally, exclusive beauty brands that will be at the disposal of the Minnetonka community are NARS, Bobbi Brown, Trish McEvoy, Gucci, Jo Malone and many more.

Apart from the popular brands, the Ridgedale store offers the company’s newest design concepts that include natural light, wood finishes and other modern updates. The store also renders special services like curbside pickup, in-store alterations and tailoring, certified bra and prosthesis fitters, complimentary gift boxes and styling services offered by a Personal Stylist.

Additionally, two food options like Ruscello, a full-service Mediterranean and Italian restaurant and bar; and the Ebar, offering handcrafted coffee drinks and grab-and-go food choices, further enhance shopping experience at the store.

The opening of this store kick-started with a Beauty Bash held in the parking lot just outside the store’s first floor entrance. At the bash, customers got a sneak peek at the new products and trends from top beauty brands and received makeup tips from Nordstrom’s beauty and fragrance experts. Further, the first customers to walk through the doors enjoyed a warm welcome from more than 350 employees.

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 an aim to drive top-line growth. Additionally, the company remains on track with its store expansion plans in Canada, where it opened its third Canadian and first international flagship store in Vancouver, British Columbia, last month.

Now, the company has three remaining of the total six stores slated to open in Canada through 2017. All of the remaining stores are lined up to open in Toronto with the first one opening at Toronto Eaton Centre on Sep 16, 2016, followed by a store at Yorkdale Centre on Oct 21, 2016 and Sherway Gardens in spring 2017.

In sync with its growth plans, the company opened two full-line stores and 11 new Rack stores in the first half of fiscal 2015, expanding its total store count to 304 from 271. In the third quarter, this Zacks Rank #3 (Hold) company plans to open three full-line stores and 16 Nordstrom Rack stores, while relocating one full-line store in Los Angeles, CA.

Currently, the company operates 316 outlets across 38 U.S. states and Canada, including 120 full-line stores in the U.S. and Canada; 2 Jeffrey boutiques; 188 Nordstrom Racks and 1 clearance store.

Stocks to Consider

Some better-ranked in the same industry are Citi Trends Inc. CTRN, Express Inc. EXPR and Foot Locker Inc. FL, all carrying a Zacks Rank #1 (Strong Buy).

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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
FOOT LOCKER INC (FL): Free Stock Analysis Report
 
NORDSTROM INC (JWN): Free Stock Analysis Report
 
CITI TRENDS INC (CTRN): Free Stock Analysis Report
 
EXPRESS INC (EXPR): Free Stock Analysis Report
 
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