Nordstrom will open its 1st flagship in Manhattan—its decades-long dream
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A lot is riding on the 320,000-square-foot, seven-story store two blocks south of Central Park and right across from its much smaller men’s store opened last year. Nordstrom, which also has opened Nordstrom Local online order pick-up and return convenience hubs and two Nordstrom Rack off-price outlets in the city, has projected New York, already where the Seattle retailer gets the biggest online sales, as a “$700 million-plus” opportunity.
But winning those sales won’t come easy. Nordstrom, with $15.5 billion in sales last year and once an industry outperformer, has posted declining comparable sales at both its full-priced stores and Nordstrom Rack off-price locations this year. Over the seven years since it announced the Manhattan store opening plan, its stock has slumped about 30% as the entire department-store group struggles with how to be relevant.
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