New Nordstrom Rack in Florida – Analyst Blog

Nordstrom Inc. (JWN), a leading fashion specialty retailer, recently announced plans to open a new 35,375 square feet Nordstrom Rack store at the Promenade Shops center, an open-air shopping mall in Aventura, Florida. Promenade Shops center spans across 300,000 square feet of space and is located in the heart of the city, at close proximity to the Aventura Mall, the largest super-regional mall in South Florida.

 

The new store is expected to open in spring 2011 and would offer merchandise at fire-sale prices with discounts of 50%−60%. Nordstrom has continually opened new stores to attract more customers and bolster its sales through increased footfall. Currently, the company operates nine Nordstrom full-line stores and four Nordstrom Rack stores in Florida, and plans to open two additional Nordstrom Rack stores in the state later in 2010.

 

Nordstrom Rack is the off-price division of Nordstrom Inc. The first Nordstrom Rack was opened in the basement of the downtown Seattle store in 1975 as a clearance department. Since the huge initial response, it has grown into a separate division of the company. Currently, there are 73 Nordstrom Rack stores across 21 states in the U.S.

 

Nordstrom has about 189 stores spread across 28 states in the US, offering a selection of brand names and private label merchandise. The company sells its products through various channels, including Nordstrom full-line stores, Nordstrom Rack off-price stores, Last Chance clearance stores, Jeffrey boutiques, catalog, and the Internet.