Nordstrom Nears FY17 Canadian Goal With 2nd Toronto Store
Zacks Investment Research | Oct 24, 2016 06:07AM ET
Apart from fortifying its domestic presence, Nordstrom Inc. (NYSE:JWN) has been keen on expanding in Canada, backed by the impressive response received from that country. Much in line with this strategy, the company is on the verge of achieving its fiscal 2017 target of opening six full-line stores in the country. Notably, Nordstrom opened its fifth full-line Canadian store on Oct 21, which also marked its second store in Toronto.
Spanning over 199,000 square feet, the store is housed at the Yorkdale Shopping Centre. The opening was a one-off event that saw a “Beauty Bash” hosted right outside the store. This in itself was a major attraction for customers. Nordstrom opened its first Toronto store last month, at the CF Toronto Eaton Centre, which marked the company’s second global flagship location.
Coming back to the newly opened store in Toronto, this three-storied outlet provides a wide assortment of merchandise from designers like Celine, Dries Van Noten and Valentino to renowned names like NIKE, Inc. (NYSE:NKE) and Madewell, thus covering items from a lower to higher price point.
Alongside, this flagship store will offer a dozen designer clothing and handbag boutiques with various services to enrich customers' experience. These include Same-Day Delivery Service, Language Ambassadors and a JWN Private Shopping Suite, among others. Additionally, this store will include a full-service restaurant and bar, cocktail lounge and specialty coffee bar – thus catering to food demands.
We think that these services and the strategic location of the new store are likely to draw traffic, and augment Nordstrom’s performance. While this marks the second last out of the company’s six targeted Canadian stores, the last planned outlet is also expected to open in Toronto – in CF Sherway Gardens, on Sep 15, 2017.
Nordstrom has been persistently focusing on its store expansion strategy as the opening of new stores is not only expected to attract customers but also boost the company’s top line via synergies across other channels. We believe with its solid brand image, amendments to the operating model for cost savings and continuous store expansion, this Zacks Rank #3 (Hold) company is well positioned to deliver on its long-term goals.
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