Wednesday, October 23, 2019

Costly new Manhattan emporium is not just a wild gamble, Nordstrom tells investors

The Seattle Times
Nordstrom has sunk more than $500 million into its seven-story New York City flagship, but executives say it’s not just about one posh location close to other high-end retailers and Central Park. They paint the massive investment as a cornerstone of their multipronged strategy, a jumping-off point for future growth.

“Our intent wasn’t to out-Bergdorf Bergdorf, or out-Saks Saks. Our intent was to make the most modern, relevant Nordstrom store possible,” co-president Pete Nordstrom told investment analysts gathered at the New York Stock Exchange Tuesday.. . . more