Nordstrom Inc. (NYSE:JWN) continues with its store expansion and relocation plans in order to enhance shopping experience. The company declared that it is planning to relocate the Oak Park Mall store in Overland Park, Kansas, to Country Club Plaza in Kansas City, Missouri. It expects to open this new 116,000 square-foot store by 2021.
The addition of this new Nordstrom Store in Kansas City will make shopping with Nordstrom more convenient for its customers. Also, it enhances the Country Club Plaza owners’ objective to create a modern and unique experience for their customers.
In fact, Kansas City has been an excellent market for Nordstrom. The company has been successfully serving its customers at Oak Park Mall for the last 20 years, which marked its first store in Kansas. While Nordstrom aims to expand its business in Kansas City, it will continue serving customers at its current location in Oak Park Mall until it relocates.
Apart from the Oak Park Mall store, currently Nordstrom operates 18 Nordstrom stores and 44 Nordstrom Rack stores in the Midwest.
At Kansas City, the company plans to invest in both of its physical and digital capabilities in order to satisfy customer preferences with more efficiency. This will be a part of Nordstrom’s progressive customer-based strategy and strengthening capabilities, particularly digital growth.
Meanwhile, the company has been gaining market traction owing to its heavy investments in digital growth. In the third quarter of fiscal 2017, it delivered online sales growth of 14% at Nordstrom.com and a 26% increase at Nordstromrack.com/HauteLook.
The news did not have a major impact on the company’s share price. However, this Zacks Rank #2 (Buy) stock has gained 21.9% in the last three months, outperforming industry’s gain of 19.1%.
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Some other top-ranked stocks in the same industry are Zumiez Inc. (NASDAQ:ZUMZ) , American Eagle Outfitters Inc. (NYSE:AEO) and Chico’s FAS Inc. (NYSE:CHS) . While Zumiez sports a Zacks Rank #1 (Strong Buy), American Eagle and Chico’s FAS carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Zumiez has an average positive earnings surprise of 22.2% for the trailing four quarters and a long-term earnings growth rate of 18%.
American Eagle’s average positive earnings surprise is 2.7% for the trailing four quarters. It has a long-term earnings growth rate of 5.5%.
Chico’s FAS delivered a positive average earnings surprise of 31.3% and has a long-term earnings growth rate of 10%.
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