Start Spreading the News: Nordstrom’s Flagship Opens Today
New York City is a place of opportunity and possibility. It is also one of the most prominent fashion capitals in the world. Many businesses have thrived there and died there; only the strong survive. Yesterday officially marked the grand opening of Nordstrom’s Flagship store near Columbus Circle on West 57th Street. This project has been over 7 years in the making. There hasn’t been a grand opening like this of a big chain department store since the 1920s and it is very exciting.
Seven years in the making:
Nordstrom first launched their brand in 1903. It started out as a shoe company and has only branched out from there with stores around the world offering a wide variety of goods. Last year Nordstrom grossed $15.5 billion in sales. However, their stock has since decreased by 30% so they need this to be a success. “Nordstrom says the Midtown store is the largest single-project investment in company history.” This new store is located in the coveted Central Park Tower, which is the biggest residential tower in the world. The new store spans 320,000 square feet and features 7 floors.
Nordstrom has wanted to make its way to the city for many years. The question was always when it would be the right time and the strategy to make it happen. Plans were initially announced in 2012 for this venture but they needed a time/action calendar to ensure a successful launch. Having a strategy initially paid off as the launch today was an overall success. People were rushing in credit cards in hand ready for a full retail experience.
There will be many exclusive services offered at this new location. It will feature a multiplex of services:
The executives at Nordstrom wanted service on all ends to be at the forefront of this new customer experience. Whether you want to pamper yourself, get something to eat, or have a personal styling session there is something for everyone.
There are multiple luxury department store competitors in the area. These brick and mortar stores include:
Neiman Marcus opened in the Hudson Yards retail space almost a year ago. The other stores have been there for decades when Manhattan was first becoming a megacity. These are long-standing chain stores some of which just remodeled their store. Nordstrom was thinking of opening their store where Neiman Marcus did in Hudson yards but strategically chose this location instead.
Personally, I think this is a great move for Nordstrom. It is in a good location near Barney’s. This grand opening has been gaining traction for the brand. I just hope their sales will keep up with the hefty rent of the building. Just last month Barney’s declared Bankruptcy because of high rents and in January Lord and Taylor closed its 5th Avenue Flagship store after being open for 104 years. Online sales have taken over in recent years so it is risky for Nordstrom’s to do this. Just like with anything in life without taking risks and playing it safe, there is no reaping the rewards.
This store is a great addition to New York City. Internet sales may have been soaring through the years but brick and mortar shops have also been picking up traction as well. Nordstrom seems to have been keeping on top of their target customer and they took their time with this project. Only time will tell how Nordstrom will stack up in the illustrious city of Manhattan but the odds seem to be in their favor to success.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!
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