Nordstrom Rack to Open New Location in Fort Myers, Florida

Rhea-AI Summary

Nordstrom, Inc. (NYSE: JWN) announced plans to open a new Nordstrom Rack in Fort Myers, Florida in fall 2024. The 31,000-square-foot store will offer great brands at great prices and convenient services such as online order pickup and easy returns. The location will be at Bell Tower, a landmark shopping, dining, and entertainment destination centrally located in Fort Myers, Florida. Nordstrom Rack is the off-price retail division of Nordstrom, Inc. and plays a critical role in the company's Closer to You strategy, offering customers up to 70 percent off on-trend apparel, accessories, beauty, home, and shoes from top brands. With the addition of this new location, Nordstrom expands its physical footprint and economic impact in Florida, generating more than 2,600 jobs statewide. Nordstrom is also committed to investing in the diverse communities where it operates, having donated nearly $2 million in support of its long-term partnership with Big Brothers Big Sisters of the United States over the past four years.

Insights

Retail Industry Analyst

The expansion of Nordstrom Rack into Fort Myers, Florida, signifies a strategic move by Nordstrom, Inc. to enhance its off-price retail division and reinforce its 'Closer to You' strategy. This strategy aims to provide a seamless and interconnected experience for customers across the company's physical and digital platforms. The establishment of a new store in a centrally located entertainment and shopping hub like Bell Tower can potentially increase foot traffic and brand visibility.

Such a move is indicative of the company's commitment to its brick-and-mortar presence, despite the prevalent trend of digitalization in retail. It also suggests that Nordstrom perceives a significant market opportunity in the region, possibly backed by demographic and consumer spending analyses. Considering the store's size and the job creation numbers, the economic impact on the local community could be substantial, not only through direct employment but also via increased activity for surrounding businesses.

However, the success of this expansion will largely depend on the company's ability to blend its in-store experience with digital conveniences, such as online order pickups and easy returns, to compete with both online retailers and other discount stores. The off-price sector has been growing and Nordstrom Rack's positioning as a provider of high-end brands at reduced prices could resonate well with cost-conscious consumers looking for value in a recovering economy.

Market Research Analyst

Nordstrom Rack's decision to open a new store in Fort Myers aligns with consumer trends favoring off-price retail formats. These formats have been gaining traction, particularly as consumers become more price-sensitive due to economic uncertainties. The choice of location at Bell Tower, a well-known destination for shopping and entertainment, suggests a strategic approach to leverage the existing footfall and the area's reputation as an upscale destination.

From a market perspective, this expansion could be seen as a response to the competitive pressures within the retail sector, where differentiation is key to attracting and retaining customers. By offering up to 70 percent discounts on high-quality merchandise, Nordstrom Rack is positioning itself as a value-driven option for consumers who still desire brand names but at more affordable prices. This could potentially attract a broader demographic, including millennials and Gen Z shoppers who prioritize deals and unique shopping experiences.

Additionally, Nordstrom's emphasis on community investment, as demonstrated by its partnership with Big Brothers Big Sisters of the United States, may enhance its corporate image and customer loyalty. This socially responsible approach can be an influential factor for consumers who increasingly prefer to support brands with a demonstrated commitment to positive societal impact.

Economist

The expansion of Nordstrom Rack into the Fort Myers area is a microeconomic indicator of retail sector confidence and consumer demand within the region. By creating over 2,600 jobs across Florida, Nordstrom contributes to the local economy through employment and consumer spending. The new store's presence in a landmark location suggests an anticipation of robust consumer spending patterns and a favorable retail environment.

The direct economic impact will include job creation and increased tax revenues for the local government. Indirectly, the presence of a major retailer like Nordstrom Rack can act as a catalyst for further economic development, potentially attracting additional businesses and services to the area. This can lead to a multiplier effect, where the initial investment by Nordstrom spurs further economic activity and growth.

However, the long-term success of this venture will depend on broader economic conditions, such as disposable income levels and employment rates in the area. It will also hinge on the company's ability to adapt to shifting consumer behaviors, particularly as the retail landscape continues to evolve with technological advancements and changing shopping habits.

SEATTLE, Jan. 25, 2024 /PRNewswire/ -- Seattle-based fashion retailer Nordstrom, Inc. (NYSE: JWN) announced plans to open a new Nordstrom Rack in Fort Myers, Florida in fall 2024.

"We look forward to being a part of the Fort Myers community and serving our customers with an amazing offering of great brands at great prices," said Gemma Lionello, President of Nordstrom Rack Stores. "We're excited to grow our footprint in the region and introduce new customers to the Nordstrom experience."

Lionello added that in this location "customers will be able to take advantage of our convenient services such as online order pick up from both Nordstrom.com and NordstromRack.com, and they can make returns easily."

The 31,000-square-foot store will be located at Bell Tower, a landmark shopping, dining and entertainment destination centrally located in Fort Myers, Florida. Bell Tower is owned by Madison Marquette, a leading real estate investor and developer; leased by Colliers, a diversified professional services and investment management company; and managed by Avison Young, a full-service global commercial real estate firm that provides transaction, property and project management, financial and advisory services across all sectors to owners and occupiers.

"Bell Tower is incredibly pleased to welcome Nordstrom Rack to the Fort Myers community," says Jim Brennan, General Manager for the shopping center. "A strong complement to our already strong retail lineup, the addition of Nordstrom Rack illustrates to our valued shoppers that we listen to their requests, expertly blending brand-name retail with our distinct collection of restaurants, eateries and modern entertainment venues. By bringing sought-after retailers like Nordstrom Rack to the area, Bell Tower is continuing its 40-year tradition as an upscale, magnetic day-to-night destination and the perfect atmosphere for rediscovering the art of shopping."

Nordstrom Rack is the off-price retail division of Nordstrom, Inc. and plays a critical role in the company's Closer to You strategy, which focuses on delivering customers a more convenient and interconnected experience across its stores and digital platforms. Nordstrom Rack offers customers up to 70 percent off on-trend apparel, accessories, beauty, home and shoes from many of the top brands sold at Nordstrom stores as well as core services like online order pickup for Nordstrom.com and NordstromRack.com, easy returns and alterations at select stores. Nordstrom Rack is the largest source of new customers to Nordstrom.

With the addition of this new location, Nordstrom expands its physical footprint and economic impact in Florida. The company operates six Nordstrom stores and 19 Nordstrom Rack stores in Florida, generating more than 2,600 jobs statewide.

Nordstrom is committed to investing in the diverse communities where it operates. Over the past four years, Nordstrom, with its customers, has donated nearly $2 million in support of its long-term partnership with Big Brothers Big Sisters of the United States. These proceeds support the recruitment, training and engagement of adult mentors and mentorship moments between Bigs and Littles, including preparing for an interview, learning to tie a tie and helping with homework. 

About Bell Tower
Bell Tower is a landmark shopping, dining and entertainment destination centrally located in Fort Myers, Florida. The open-air center offers a creative combination of brand-name retail favorites and exclusive boutiques that include popular grocer The Fresh Market, Talbots, Trader Rick's for the Artful Woman, Congress Jewelers, Ulta Beauty, Bath & Body Works, Fleet Feet and Claire's. The center's exceptional shopping is complemented by distinctive restaurants such as DaRuMa Japanese Steak House and Sushi Lounge, Grimaldi's Pizzeria, Burntwood Tavern, McGregor's Public House, La Ola Surfside Restaurant, Blue Pointe Oyster Bar & Seafood Grill, Cantina Laredo, and Ice Spot, and by entertainment venues including Dave & Buster's and a 20-screen Regal Cinemas complex making Bell Tower a true day-to-night destination. A longtime community partner and pet-friendly shopping-dining-entertainment adventure, Bell Tower is owned by Madison Marquette, a leading real estate investor and developer; leased by Colliers, a diversified professional services and investment management company; and managed by Avison Young, a full-service global commercial real estate firm that provides transaction, property and project management, financial and advisory services across all sectors to owners and occupiers. To learn more, visit www.belltowerfl.com or follow Bell Tower on Facebook or Instagram.

About Nordstrom
At Nordstrom, Inc. (NYSE: JWN), we exist to help our customers feel good and look their best. Since starting as a shoe store in 1901, how to best serve customers has been at the center of every decision we make. This heritage of service is the foundation we're building on as we provide convenience and true connection for our customers. Our digital-first platform enables us to serve customers when, where and how they want to shop – whether that's in-store at more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations or digitally through our Nordstrom and Nordstrom Rack apps and websites. Through it all, we remain committed to leaving the world better than we found it.

MEDIA CONTACT: 
Lauren Herrin
Nordstrom, Inc.
NordstromPR@Nordstrom.com

 

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SOURCE Nordstrom, Inc.

FAQ

When will the new Nordstrom Rack in Fort Myers, Florida open?

The new Nordstrom Rack in Fort Myers, Florida is set to open in fall 2024.

What services will the new Nordstrom Rack offer?

The new Nordstrom Rack will offer convenient services such as online order pickup from both Nordstrom.com and NordstromRack.com, and easy returns.

What is the location of the new Nordstrom Rack?

The new Nordstrom Rack will be located at Bell Tower, a landmark shopping, dining, and entertainment destination centrally located in Fort Myers, Florida.

What is the role of Nordstrom Rack in Nordstrom, Inc.'s strategy?

Nordstrom Rack plays a critical role in Nordstrom, Inc.'s Closer to You strategy, offering customers up to 70 percent off on-trend apparel, accessories, beauty, home, and shoes from many top brands.

How many jobs will the new Nordstrom Rack location generate in Florida?

The addition of this new location will generate more than 2,600 jobs statewide.

What has Nordstrom donated in support of its partnership with Big Brothers Big Sisters of the United States?

Nordstrom, with its customers, has donated nearly $2 million in support of its long-term partnership with Big Brothers Big Sisters of the United States over the past four years.