The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
SEATTLE, United States — Nordstrom Inc. has set a date for the opening of its Manhattan flagship location as construction continues on the department-store chain's biggest-ever bet.
The retailer plans to throw open the doors of its seven-story, 320,000-square-foot store on West 57th Street on Oct. 24, a spokeswoman for Nordstrom confirmed.
With Nordstrom and rival Neiman Marcus both coming to town in 2019, it should prove to be a landmark year for New York retail. The city has long been home to some of the world’s most prominent luxury department stores, including Saks Fifth Avenue, Bergdorf Goodman and Bloomingdale’s.
Plans to open a full-line Nordstrom in the city were initially announced in 2012, but the Seattle-based retailer has had New York aspirations for more than two decades. It opened a much smaller men’s store last year.
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Nordstrom's urban expansion sped up this month when the company said it would also open two Nordstrom local service hubs in Manhattan. These locations don't sell merchandise; instead, customers can pick up online orders and receive alterations and tailoring. There are also several Nordstrom Rack outlets in the city.
By Kim Bhasin and Jordyn Holman; editors: Anne Riley Moffat, Lisa Wolfson, John J. Edwards III.
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In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
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