The New York Men’s tower store will close and condense into the women’s tower store across the street. Heavy restructuring company wide with announcements late February and early March. There will be a fleet of store closures and store manager consolidation to one per multi store market. Corporate leadership will be cut nearly by 60% with the plans to cut most regional roles. Digital is the new wave and any liability/rolling costs WILL be cut. Update those linked in profiles, the hunger games have officially transitioned into the purge.
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Any updates on the dates in which store closures will be announced?
I meant Jeffrey Kaas.
They closed Jeffrey last year bud lol
Jeffrey? Your call....
Koolaid could be on to something. It would make logistical sense to close stores before anniversary starts in July. If they announced store closures later then March, they would be cutting it close.
I don’t think it’s a question of if. They’ve been closing stores for 5 years in a row. This year is due to probably be there second worst year for Nordstrom behind 2020. It’s only a question of how many, I’d say 10+
@bleak
Depends how many stores they own as well. Those will be the first to go, assuming there not high volume stores. Freehold, NJ was the second highest volume store on the list of 16 closed last year. However, Nordstrom owned the Freehold, NJ store and I believe sold it back to the mall owner for some cash.
Menlo Park a store about 25 miles away does far less volume & is in far worst shape. The Menlo store is leased & also has nyc distribution on 3. (The later is probably the only reason this store remains)
I think it’s more of how easy it is to get out of, with volume being the second biggest factor.
Right-size yo bricks an’ mortar. Word.
I guess this answers a question I’ve had for while — can Nordstrom exit all these leases so easily? They obviously must have favorable terms, and the option to scoot if necessary.
OK then, as an IT contractor might say, do the needful.
Do we know about how many stores will be in the “fleet” they close? They really should try to target 60
Mr koolaid,
Assuming your being truthful, which time will tell. I salute you.
It’s amazing what you find out when you sit with the VPs. They already know who and what will be dissolved. They are in the process of fine tuning the message for PR purposes and to avoid a backlash from consumers, once this becomes public. If you are nervous about your position within the company, you should be. Ask your leaders, those that will be spared have already been informed. Crazy huh? I simply speak out because people deserve to know and I don’t approve of pulling the rugs from other people without at least sending a smoke signal.
So this will roll out along side Q4 2020 earnings in sounds like..
Op,
Everything seems to make semi logical sense, however store manager over multiple stores seems a bit extreme.
Mind stating how you came across this information?
Wasn't the Men's Store rolled out in advance because of the delays in shooting-the-moon for the main FLS? So they booked and built out that extra space across the street and floated the idea of a new shopping destination, like an alt-Fifth Avenue. I saw a few photos of the store, the clothes looked soy and flamboyant, it probably really should have been located downtown on Bleecker.
So, with all of these additional costs, now how does the NYC idea pencil out? Add to that the Jeffrey boutiques and that weird experimental charity store (which wasted critical TIME).
I bet at least the Union Square Rack makes money.
Hey, so if JWN is exiting the 865 tower offices, and is mostly (entirely?) out of 864 (Russell), where is everybody going? All indications that tech is still hiring, open positions. Everyone WFH?
They should have never opened a separate men’s & women’s store. I was at the tower around opening. The amount of people that asked where’s the men’s store was insane. I repeatedly explained it’s just across the street. Most of the people just gave me a funny look and walked away, not to mention the men’s store looks like a basement.
Bergdorf Goodman’s is the only department store I can think of that has a successful separate men’s and women’s store. It helps BG stores are much more iconic in NYC then Nordstrom will ever be, at least for the riches.
Honestly I haven’t heard much about trunk club. Most of the meetings and chatter have been about the crisis in full line. It might be addressed with regard to margins of sales in comparison to labor costs. They did dissolve most of the corporate support roles so that usually is a precursor to a possible chop.
Any insight into how trunk club will be affected? Trunk service is heavy digital, but there seems to be a lot of overlap in user experience with styling offerings (and a lot of overhead!) Is this fat getting cut?