Nordstrom, Inc. JWN has unveiled its plan to open a Nordstrom Rack store in Bay Shore, NY, expanding its footprint and reaching out to a broader customer base. The company sees this as an opportunity to expand its store network and introduce the distinctive and diverse product offerings of Nordstrom Rack to new customers.
The store will occupy 24,000 square feet and will be located in the South Shore area of Long Island at the Gardiner Manor Mall, alongside other popular retailers such as HomeGoods, Barnes & Noble, Michaels, and Old Navy. The Gardiner Manor Mall is owned and managed by Kite Realty Group Trust and is conveniently situated off the Sunrise Highway, east of the Robert Moses Causeway in Bay Shore.
With this new addition, Nordstrom is poised to further expand its presence in New York. This addition will increase the company's store count in the region to 12 Nordstrom Rack, complemented by three Nordstrom stores and two Nordstrom Locals. The store will open its doors to the public in spring 2024.
Nordstrom's expansion in Bay Shore does not stop at New York. The company plans to open another location in Macedonia, OH, in the spring of 2024. Also, it recently unveiled its plan to open Nordstrom Rack locations in San Diego, CA, and Mason, OH, which are scheduled to open in the fall of 2024.
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Nordstrom Rack plays a pivotal role in the company's "Closer to You" strategy, which focuses on enhancing customer shopping experience across its physical stores and digital platforms. It offers an array of fashionable products, including apparel, accessories, beauty items, home goods and shoes, at discounts of up to 70 percent.
Additionally, customers can benefit from core services like online order pickup for Nordstrom.com and NordstromRack.com, easy returns, and select in-store alterations. Notably, Nordstrom Rack attracts significant customers for Nordstrom, contributing to the company's growth.
Nordstrom's decision to open a Nordstrom Rack in Bay Shore, NY, reflects its commitment to expanding its reach and providing an enhanced shopping experience to a wider audience. This expansion aligns with the company's strategic goals and underscores its dedication to giving back to the communities it serves.
Lately, Nordstrom has been struggling on the bourses, with shares falling 27.2% in the past three months compared with the industry’s decline of 2.3%. This Zacks rank #3 (Hold) company has been struggling with its top-line performance and expects it to decline 4-6% year over year in fiscal 2023.
Three Solid Picks
A few better-ranked stocks in the same space are Urban Outfitters, Inc. URBN, Abercrombie & Fitch Co. ANF and American Eagle Outfitters Inc. AEO.
Urban Outfitters, which specializes in the retail and wholesale of general consumer products, 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 Urban Outfitters’ current fiscal-year earnings and sales indicates growth of 84.6% and 9% from the year-ago period’s reported figures. URBN has a trailing four-quarter average earnings surprise of 19.2%.
Abercrombie & Fitch is a specialty retailer of premium, high-quality casual apparel. The company currently flaunts a Zacks Rank #1. ANF delivered a significant earnings surprise in the last reported quarter.
The Zacks Consensus Estimate for Abercrombie & Fitch’s current fiscal-year sales implies growth of 10.4% from the previous year’s reported number. ANF has a trailing four-quarter average earnings surprise of 724.8%.
American Eagle Outfitters is a specialty retailer of casual apparel, accessories and footwear. It sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for American Eagle Outfitters’ current fiscal-year earnings and sales indicates growth of 33% and 1.3% from the year-ago period’s reported figures. AEO has a trailing four-quarter average earnings surprise of 43.2%.
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