From the July issue: These are not happy times for department stores. The rise of online merchants and discount chains, along with the shift in consumers’ buying habits, have cut into their sales and forced the closure of hundreds of branches. Over the past 12 months, Macy’s stock has plummeted by more than 52 percent.
Yet it is under this very dark cloud that the renowned luxury retailer Nordstrom recently unveiled its plans for the company’s first full-line store in New York: a 363,000-square-foot flagship spread over four properties on Broadway between West 57th Street and West 58th Street. If the store opens as scheduled, in 2019, it will do so six years after signing on the dotted line. [more]