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Nordstrom (JWN) to Open Rack Store in California's Tarzana

Nordstrom, Inc. JWN has announced plans to open a Nordstrom Rack in Tarzana, CA, by fall 2024. This store will be located in the Village Walk shopping center, a bustling retail destination managed by Chicago-based Pine Tree, situated off Ventura Boulevard. The store will encompass 25,000 square feet, adding to the shopping center's dynamic mix of retailers, which includes LA Fitness, among other prominent brands.

Expanding Footprint in the Los Angeles Market

The latest addition is set to serve the Tarzana community with a wide array of high-quality brands at attractive prices. The expansion aims to introduce more people to the Nordstrom experience while offering a diverse selection of on-trend apparel, accessories, beauty products, home goods, and shoes at discounted prices, making it an appealing destination for budget-conscious shoppers.

Customers will benefit from convenient services such as online order pick-up from both Nordstrom.com and NordstromRack.com, and easy return options. These services are designed to enhance the overall shopping experience, offering flexibility and convenience that cater to modern consumers' needs.

 

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

 

Enhancing Village Walk & Local Economy

The addition of Nordstrom Rack to Village Walk is anticipated to drive foot traffic, benefiting existing tenants and contributing to the shopping center's economic vitality. The introduction of Nordstrom Rack will offer consumers high-quality items at great value, enhancing the shopping center's offerings and cementing its place as an essential retail destination within the community.

Integral Role in Closer to You Strategy

Nordstrom Rack, as the off-price retail division of Nordstrom, Inc., plays a critical role in the company's Closer to You strategy. This strategy focuses on providing customers with a seamless and interconnected shopping experience across both physical stores and digital platforms. By offering discounts of up to 70% on a wide range of on-trend products from top brands, Nordstrom Rack attracts a broad customer base, including those new to the Nordstrom family.

The new Tarzana location will also offer core services, such as online order pick-up, easy returns and alterations, ensuring that customers can enjoy a hassle-free shopping experience. Nordstrom Rack has become the largest source of new customers for Nordstrom, highlighting its importance in the company's growth strategy.

Looking Forward

With the opening of the Tarzana location, Nordstrom will expand its significant presence in California. Currently, the company operates 26 Nordstrom stores and 65 Nordstrom Rack stores in the state. Through its continued expansion and community investment, Nordstrom demonstrates its dedication to providing exceptional value to its customers and making a positive impact in the regions it serves.

The Zacks Rank #3 (Hold) stock has gained 12.2% in the past three months compared with the industry’s growth of 2.7%.

Three Solid Picks

A few better-ranked stocks in the retail space are The Gap, Inc. GPS, Abercrombie & Fitch Co. ANF and Canada Goose GOOS.

Gap is a premier international specialty retailer offering a diverse range of clothing, accessories and personal care products. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Gap’s fiscal 2024 earnings and sales indicates growth of 21.7% and 0.2%, respectively, from fiscal 2023 reported figures. GPS has a trailing four-quarter average earnings surprise of 202.7%.

Abercrombie is a specialty retailer of premium, high-quality casual apparel. It flaunts a Zacks Rank of 1 at present. ANF delivered a 28.9% earnings surprise in the last reported quarter.

The consensus estimate for Abercrombie’s fiscal 2024 earnings and sales indicates growth of 47.3% and 10.4%, respectively, from the fiscal 2023 reported levels. ANF has a trailing four-quarter average earnings surprise of 210.3%.

Canada Goose is a global outerwear brand. It currently sports a Zacks Rank of 1.

The Zacks Consensus Estimate for Canada Goose’s fiscal 2025 earnings indicates growth of 13.7% from the year-ago actual. GOOS has a trailing four-quarter average earnings surprise of 70.9%.

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