Nordstrom's 1st NYC flagship will open tomorrow
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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 that opened last year. Nordstrom, which has opened Nordstrom Local online order pickup and return convenience hubs and two Nordstrom Rack off-price outlets in the city, has projected New York, where the Seattle-based retailer already gets its biggest online sales, as a “$700 million-plus” opportunity.
But winning those sales won’t come easy. Nordstrom, once an industry outperformer, had $15.5 billion in sales last year but has posted declining comparable sales at both its full-priced stores and Nordstrom Rack this year. Over the seven years since it announced the plan to open a Manhattan flagship, its stock has slumped about 30% as the entire department-store group struggles with how to be relevant.
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