Nordstrom, Inc.’s (JWN - Free Report) first-ever exclusive men's store in New York City is slated to open doors near Manhattan’s Columbus Circle on Apr 12. This 47,000 square feet store is a prelude to the company’s largest store project, which together with a standalone women's store is expected to become an important shopping destination. The women’s store is scheduled to open in fall 2019.
Notably, the aforementioned full-line stores together will make one of the largest and most important fashion market hubs in New York. The company already has Nordstrom Racks in the area and now plans to introduce these stores to boost its overall top line and market share. The huge store is expected to be the company’s highest volume store in one of the top markets, and will offer Nordstrom brand to the customers worldwide.
The men’s store will feature various latest digital functionalities, which the company is ambitious about, to suit the evolving needs of customers. Additionally, Nordstrom is on track to integrate its digital and physical assets to create innovative and multiple ways for customers to shop. The company also is focused on advancing in the technology space by boosting e-commerce and digital networks as well as improving its supply-chain channels and marketing efforts.
In a recent move, Nordstrom purchased two major retail technology entities — BevyUp and MessageYes, to cater to customers preferring online shopping. While BevyUp is a leading digital selling device, MessageYes is an iconic platform for conversational trading. These investments will be integrated into Nordstrom’s portfolio to expedite consumer’s personalized needs and accelerate business growth.
Apart from digital advancements, the new store will offer facilities like “buy online, pick up in-store”, “reserve online, try in-store”, same-day delivery, personal stylists and more. It is likely to accommodate the Christian Louboutin shop for men as well, besides featuring various recognized brands.
As of Mar 13, 2018, Nordstrom operates 369 outlets across 40 states. Its portfolio includes 122 full-line stores across the United States, Puerto Rico and Canada, two Jeffrey boutiques, 235 Nordstrom Racks, two clearance stores and seven Trunk Club clubhouses along with Nordstrom Local service concept.
Nordstrom is one of those retailers that brings innovative ways for customers to shop, whether be it off-price Nordstrom Racks, fashion credentials, digital and store expansion. Last year, this Seattle-based company launched Nordstrom Local, its first modern retailing concept store that does not stock merchandise. Also, it differs from the traditional retail concept, a neighborhood store, where the company’s services are easily available in a centralized location.
These endeavors have aided shares of this Zacks Rank #2 (Buy) company to increase 1.4% year to date against the industry’s decline of 4.8%.
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