US: Nordstrom to open first full-line store in New York
Upscale department store operator Nordstrom will open its first full-line department store in New York in 2018.
Extell Development Co will build the 285,000 sq ft seven-storey flagship store on Manhattan's West Side. The company said work on the site could begin as early as the first quarter of next year.
"This has been a long time coming for us, as Nordstrom has sought a NYC location for many years," said Erik Nordstrom, president of stores. "We couldn't be happier about the opportunity to be a part of this terrific development project and feel the location works extremely well for us."
Derek Trulson, international director with Jones Lang LaSalle, who represented Nordstrom in the transaction, added: "New York has not seen a new fashion specialty store of Nordstrom's quality and importance in decades.
"This is a creative real estate deal and build-to-suit that works for Nordstrom as a luxury retailer over the long term."
Nordstrom, which operates 231 stores, last month booked a 2.9% rise in first quarter profit to US$149m helped by strong growth in the consumer direct channel and a double-digit revenue hike.
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