Nordstrom (JWN) To Open Second Rack Store In Milwaukee Area

There seems to be no looking back for Nordstrom Inc. (NYSE:JWN) when it comes to store expansion. The company is steering ahead with its plan evident from the announcement of its intention to open another Nordstrom Rack store in Wisconsin in fall of 2018.

Spread over 26,800 square feet, the new Rack store will be located at Bayshore Town Center in Glendale, WI. The mall located on the North Shore of Milwaukee, is spread across an area of 45 acres. The new Rack store will occupy the redeveloped north end of the mall, which previously belonged to Sears Holdings Corporation (NASDAQ:SHLD) . The redeveloped section of the mall will feature a new entry for the mall, alongside an expanded parking lot and space for more retailing. The company will gain from the convenience of nearby entry point and the parking area.

Further, the new store will share business space with other renowned retailers in the mall including H&M, Ulta Beauty Inc. (NASDAQ:ULTA) , iPic Cineplex, Trader Joe's and Kohl's Corporation (NYSE:KSS) .

Notably, this will mark Nordstrom’s second Rack store in Milwaukee area, with a Rack store already functional at the Mayfair Collection in Wauwatosa. Additionally, the company also operates a full-line outlet at Mayfair Mall.

Being the off-price retail segment of the company, Nordstrom Rack offers fashion-savvy customers a wide range of on-trend apparel, footwear and other accessories at discounted prices. These Racks usually keep items from the main Nordstrom stores as well as online store, Nordstrom.com. Further, these stores stack products from other major brands sold by the company.

The company currently operates 354 outlets across 40 states. Its portfolio includes 122 full-line stores across the U.S., Puerto Rico and Canada, two Jeffrey boutiques, 221 Nordstrom Racks and two clearance stores.

Early this month, the Nordstrom family revealed that it is contemplating on plans to go private. The Seattle-based company announced that the family is seeking viable options of taking it private, by buying all the outstanding shares of Nordstrom.

While there was no formal proposal by the family to Nordstrom, the latter’s board of directors has organized a special committee. This “Special Committee” that consists of Nordstrom’s independent directors, will act on the company’s behalf on anything related to the aforementioned privatization.

Further, this Zacks Rank #3 (Hold) company’s share price trend reveals that the stock advanced 14.1% in the last three months, outperforming the Zacks categorized Retail – Apparel/Shoe industry’s fall of 12.3%.

You can see the the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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