Nordstrom, Inc. JWN has revealed plans to open two new Nordstrom Rack stores in Florida. The stores, set to open in Melbourne in fall 2025 and Sarasota in spring 2026, are part of the company's ongoing expansion strategy.
The upcoming 24,000-square-foot Nordstrom Rack store in Melbourne will be located at The Avenue Viera, a well-known shopping center featuring retailers like Lululemon, Sephora, Lilly Pulitzer and Sur La Table. The Avenue Viera is owned and managed by WS Development and is ideally located off Lake Andrew Drive and Town Center Avenue.
The 27,000-square-foot Nordstrom Rack store in Sarasota will be located at Sarasota Pavilion, a popular shopping center that features retailers such as Publix, Ross Dress for Less and Marshalls. Sarasota Pavilion, owned and managed by InvenTrust Properties, is situated at the intersection of South Tamiami Trail and Stickney Point Road, making it a prime shopping destination for the area.
These new rack stores are expected to serve the Melbourne and Sarasota communities, attracting customers through their wide range of high-quality brands at affordable prices. The evolution of Nordstrom Rack in Florida will bring exciting fashion options to meet the evolving demands of the community.
The Melbourne and Sarasota Nordstrom Rack stores will offer a range of convenient services to create a seamless shopping experience. Customers can also shop online via Nordstrom.com and NordstromRack.com, with the option to pick up their purchases in-store. The store will offer easy return processes, ensuring hassle-free returns. These services are designed to integrate online and in-store experiences, providing shoppers with greater flexibility and convenience.
Nordstrom Rack's Offerings and Impact
Nordstrom Rack, the off-price retail division of Nordstrom, plays a key role in the company’s Closer to You strategy, which aims to provide a seamless and interconnected shopping experience across physical stores and digital platforms. The store offers customers up to a 70% discount on trending apparel, accessories, beauty products, home decor and shoes from many of the top brands sold at Nordstrom stores.
The Seattle-based fashion retailer is dedicated to investing in the diverse communities it serves. Nordstrom Rack stores are designed to attract a broad customer base by offering high-quality, fashionable items at significant discounts. By providing a wide selection of products from leading brands, Nordstrom Rack aims to meet the needs of budget-conscious shoppers while maintaining a strong focus on style and quality.
The expansion into Florida demonstrates Nordstrom's commitment to growing its presence in key markets and contributing to local economies. In addition to the new stores in Melbourne and Sarasota, Nordstrom will be opening another location in Coral Springs in fall 2025. These upcoming stores further expand the company's presence and economic influence in Florida. Currently, Nordstrom operates six Nordstrom stores and 19 Nordstrom Rack stores across the state, contributing to the creation of approximately 2,800 jobs statewide.
What’s More?
Nordstrom has been making efforts to enhance customer experience through faster delivery. It remains focused on its long-term strategy, which builds on its market strategy to capitalize on its digital-first platform, gain market share and deliver profitable growth. For this, the company is focused on three areas, winning in important markets, expanding the reach of Nordstrom Rack and enhancing its digital capabilities.
Nordstrom is making efforts to drive efficiency and improve customer experience via faster order fulfillment. Also, increased focus on Nordstrom Rack bodes well. The company continues to focus on introducing more premium brands at Rack, better assortments and increased brand awareness. It has introduced five Rack stores in the reported quarter, bringing its year-to-date total to 11. Going ahead, it intends to roll out to more markets. Management expects to open 12 more Rack stores in 2024, before the holiday season.
Nordstrom stock, which currently carries a Zacks Rank #1 (Strong Buy), has risen 20.3% in the past six months, outpacing the industry’s growth of 2.5%.
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Three Picks You Can’t-Miss
We have highlighted three other stocks in the broader sector, namely Abercrombie & Fitch Co. ANF, Shoe Carnival SCVL and Crocs, Inc. CROX,
Abercrombie, a leading casual apparel retailer, currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for ANF’s current financial-year sales and earnings indicates growth of 13% and 63.4%, respectively, from the year-ago reported figures. Abercrombie has a trailing four-quarter earnings surprise of 27.9%, on average.
Shoe Carnival, one of the nation's largest family footwear retailers, offers a broad assortment of moderately priced dress and casual and athletic footwear for men, women and children. The stock currently carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for SCVL's current fiscal sales indicates growth of 5.1% from the year-ago reported figure.
Crocs develops and manufactures lifestyle footwear and accessories. It currently has a Zacks Rank #2. CROX has a trailing four-quarter earnings surprise of 14.9%, on average.
The Zacks Consensus Estimate for Crocs current financial-year sales and earnings suggests growth of 4.2% and 6.9%, respectively, from the year-ago reported figures.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Abercrombie & Fitch Company (ANF) : Free Stock Analysis Report
Nordstrom, Inc. (JWN) : Free Stock Analysis Report
Shoe Carnival, Inc. (SCVL) : Free Stock Analysis Report
Crocs, Inc. (CROX) : Free Stock Analysis Report
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