Luxury Institute News

June 29, 2012

Nordstrom to get New York store at last

Nordstrom Inc is set to open its first department store in New York City in 2018, ending a 25-year search for a spot on the luxury world’s premiere stage.

By Phil Wahba
Reuters
June 28, 2012

The Nordstrom store will be 285,000 square feet and occupy seven stories at the base of what will become Manhattan’s tallest residential building, to be built on 57th Street, near 7th Avenue. The store is part of a deal with Extell Development Co, the upscale chain announced at a press conference on Thursday.

A full-service New York department store will give the chain exposure to the millions of tourists who flock to Manhattan and have bolstered business at rivals such as Saks Fifth Avenue, Macy’s Inc Bloomingdale’s, Neiman Marcus Group Inc’s Bergdorf Goodman and Tiffany & Co.

“It’s our desire to make this the absolute best Nordstrom store there is because we need to do that to be able to compete on this stage,” Pete Nordstrom, the chain’s president of merchandising, told reporters. He expects the Manhattan store to be the department store chain’s highest grossing location.

Click the link to read the entire article which includes a quote from Milton Pedraza, CEO of Luxury Institute: http://www.reuters.com/article/2012/06/28/us-nordstrom-newyork-idUSBRE85R1A220120628

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