* Store to tentatively open in 2018
* Store will be one of the biggest in the upscale chain's
* Will boost Nordstrom's image as a global brand - luxe
By Phil Wahba
NEW YORK, June 28 Nordstrom Inc said it
expects to open a department store in New York City in 2018,
ending a years-long search for a location in Manhattan's
competitive luxury market.
The Nordstrom store will be 285,000 square feet and occupy
seven stories at the base of a skyscraper to be built on 57th
Street, near 7th Avenue, as part of a deal signed with Extell
Development Co, the upscale chain said on Thursday.
Nordstrom, which operates 117 department stores and 114 Rack
outlet stores, has focused almost all of its store fleet
expansion on its Rack stores in recent years.
A full-service New York department store will give the
chain, revered for its customer service and designer shoe
selection, exposure to the millions of tourists who flock to
Manhattan to shop at luxury stores that has bolstered business
at rivals such as Saks Fifth Avenue, Macy's Inc
Bloomingdale's, Neiman Marcus Group Inc's Bergdorf
Goodman and Tiffany & Co.
"This has been a long time coming for us," said Erik
Nordstrom, president of stores for the upscale chain.
Through this initiative, the retailer also stands to gain
greater awareness of the Nordstrom name outside the United
States, where all of its stores are located.
"It will market Nordstrom as a global brand," said Milton
Pedraza, Chief Executive of Luxury Institute.
Nordstrom has been looking into opening stores in Canada and
its Website offers international shipping.
The news comes as many of its rivals are spending millions
on their New York City flagship stores to woo free spending
tourists. Macy's has begun a $400 million makeover of its Herald
Square store while Saks is revamping its eighth floor shoe
The Manhattan Nordstrom will be one of the biggest in the
chain's fleet, where department stores on average are 177,000
square feet. It will also be located a half mile or so from the
cluster of luxury shops on Fifth and Madison Avenues.
In 2010, Nordstrom opened a popular Rack outlet store in New
York's Union Square.