CHICAGO — Nordstrom is set to open its first clearance store in the Midwest on March 4.

The 40,000-square-foot Nordstrom Rack, located at the Woodfield Village Green Center in Schaumburg, Ill., was originally scheduled to open last November, but the opening was delayed to coincide with the grand opening of Woodfield, an off-price shopping center, Nordstrom said.

Nordstrom Rack should generate more than $300 a square foot, said Bob Middlemass, vice president and general manager of Nordstrom’s Midwest division, which translates to an annual volume of $12 million.

He said that the opening of the Woodfield unit, the chain’s 17th Nordstrom Rack store nationally, made sense as Nordstrom expands in the Midwest.

The Seattle-based chain currently has full-line stores in Oakbrook Center, Oak Brook, Ill., and Mall of America in Bloomington, Minn. and is adding stores in Old Orchard, Skokie, Ill. in October 1994 and at Woodfield Shopping Center, also in Schaumburg, in March 1995.

“[Nordstrom Rack] allows us to keep the main stores fresh and exciting, while catering to the customer who likes to shop in an off-price environment,” Middlemass said.

About 50 to 60 percent of the merchandise will be transferred from the midwestern Nordstrom stores, discounted by 30 to 70 percent, with the balance comprised of special purchases from Nordstrom vendors, Middlemass said.