Nordstrom taking discount Rack concept to Canada

SEATTLE – Nordstrom will open its first Nordstrom Rack in Canada in Toronto in 2018.

The 38,600-square-foot off-price retail store will be located at the One Bloor retail and residential skyscraper being built in Toronto’s Yorkville district, known for its upscale shopping, Nordstrom said in a news release Tuesday.

Canada’s first Rack will be located about a mile north of a Nordstrom full-line store scheduled to open this September.

Seattle-based Nordstrom has spent the last several years ramping up its presence in Canada.

It opened its first full-line store in Canada in Calgary in 2014 and has since opened stores in Ottawa and Vancouver. The company plans to open three full-line stores in Toronto beginning later this year.

Nordstrom currently operates 121 full-line stores in the U.S. and Canada and 194 Nordstrom Racks. The company expects to have 300 Rack stores by 2020.

Nordstrom will announce its fourth quarter and fiscal year earnings Thursday.

Wall Street analysts are expecting quarterly earnings per share of $1.22 on sales of $4.22 billion, according to a consensus estimate at Yahoo Finance. Analysts are expecting full-year earnings per share of $3.38 and revenue of $14.44 billion.