Nordstrom Opens 3rd Store In Toronto At CF Sherway Gardens

Amid a challenging retail landscape, Nordstrom, Inc. (NYSE:JWN) seems to continue with its aggressive store expansion plans in order to grow market share. In sync with this, the company inaugurated a two-level 140,000 square-foot store at CF Sherway Gardens shopping mall in Toronto on Sep 15. Notably, this is its third outlet in the city after opening stores at CF Toronto Eaton Centre and Yorkdale Shopping Centre.

The opening ceremony of this latest store started with a Beauty Bash outside the mall entrance. Also, Nordstrom's beauty experts offered free skincare consultations and makeup tips for the fall season.

With the latest store opening, the company successfully achieved its target of opening six full-line stores in Canada. The store followed five other full-line Nordstrom stores at CF Chinook Centre in Calgary, CF Rideau Centre in Ottawa, CF Pacific Place in Vancouver, CF Toronto Eaton Centre and Yorkdale Shopping Centre in Toronto.

Markedly, the new store will house five shoe departments, along with a wide range of services for bistro-style restaurant and bar. Moreover, it will accommodate a coffee bar with extensive beauty and accessory division in addition to a curated selection of well-known fashion brands. Hence, shoppers can avail varied products from popular brands such as shoes from Kate Spade New York, Vince Camuto, Ted Baker London, Tory Burch, Steven Madden, Ltd. (NASDAQ:SHOO) as well as NIKE, Inc. (NYSE:NKE) coupled with handbags from Rebecca Minkoff and Celine Dion.

Additionally, the outlet is expected to offer women's apparel including Madewell, Rag & Bone, Alice + Olivia, Veronica Beard and Urban Outfitters, Inc.’s (NASDAQ:URBN) Free People. Meanwhile, the store’s beauty section will cover brands like Tom Ford, Jo Malone, Charlotte Tilbury, MAC, Nars, Chanel, Diptyque coupled with the KBeauty area, where Korean beauty products will be stocked. It should be noted that Nordstrom is housing KBeauty area in its store for the first time.

Men's brands like John Varvatos, Billy Reid, Canali, Wings, Hugo Boss and Horns along with other stuff will also be available in this latest store. In fact, its At Home department will cover bed, bath, dining as well as home decor items.

Going forward, the company is likely to offer seamless shopping experience to its customers mainly in Toronto's west-end location with diverse popular brands’ products. Notably, this store will also offer a variety of services that include Personal and Beauty Stylists, along with Nordstrom to You — the mobile personal stylist service — and a Beauty Concierge, among others.

In 2018, Nordstrom plans to inaugurate six Nordstrom Rack stores in Canada. This includes Vaughan Mills in Toronto on Mar 22, Deerfoot Meadows in Calgary on Apr 26, One Bloor in Toronto on May 3, and three stores at The Ottawa Train Yards in Ottawa, South Edmonton Common in Edmonton and Heartfeld Town Centre in Mississauga, next fall.

Recently, Nordstrom also announced the launch of Nordstrom Local, its first modern retailing concept store, which does not stock merchandise. Slated to open doors on Oct 3 at Melrose Place in West Hollywood, CA, it is expected to be quite different from the traditional retail concept, a neighborhood store, where the company’s services are easily available in a centralized location.

This 3,000 square-foot store is likely to focus on personal styling, consultations, appointments along with buy online, pick-up in-store and same-day delivery services. (Read: Nordstrom Rolls Out New Inventory-Free Concept Store)

Further, we laud Nordstrom’s cost saving initiatives, store expansion efforts, solid e-commerce sales and progress on 2020 strategy. The company runs in coherence with the evolving retail industry that is focused on offering maximum choices to customers.

Consequently, shares of this Zacks Rank #3 (Hold) stock has outperformed the industry in the last six months, driven by positive earnings trend. The company has gained 9.8%, as against the industry’s decline of 14.8% in the same time frame.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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