During the Business Insider Start-Up 2012 conference, I meet Melina Ash, one of the founders of nomorerack.com. Nomorerack has a very interesting goal: To become the TJ Maxx of the web. They want to cut all the middle men & overhead in between a household product and the consumer. Enabling people to afford the things they typically couldn’t afford or get things they need everyday at drastically reduced prices. They offer multiple items covering home, electronics, women, men and kids categories on deep discounts every single day.
Only 17 months old, Nomorerack is currently selling 8,000 items a day, 5 items a minute, and already has 4.5 million subscribers. Nomorerack did $50 million in revenue in the past 12 months and growing to double that number over the next 12 months. 30 employees will remain in Vancouver, with NoMoreRack building up their corporate team in NYC.
In my conversation with the founders, I learned that they decided to move their headquarters to New York City soon after the Business Insider Start-UP 2012 event. When asked about this move, the founders said that the reason to move to New York was based on following:
First, the type of people they want to recruit and have in the company to reach the next level of growth are in New York City. They love the start-up energy and e-commerce experience of the people they have met in New York.
Second, they see New York as the place to be if your an e-commerce start-up. The eco-system of brands, retailers, suppliers, wholesales, and designers cannot be found anywhere else outside of New York City. Add to that the rising tech scene, and you have a perfect place for commerce startups. They talked about how at the Business Insider Start-Up 2012 event, they were able to meet and talk to top notch people relevant to their company.
Finally, as Nomorerack grows not just in the US and Canada, they see New York as an ideal launch pad for their international operations. Less than a week after the Start-Up 2012 event, Nomorerack had already leased 10,000 square feet of office space near Union Square.
As one of the founders told me “After spending a few weeks in New York meeting with people and attending the various tech conferences, we knew we had to be here, in the heart of the action. It was a no-brainer after meeting people at events like the Business Insider 2012 Start-Up. We hiring right away in New York City, so if anyone likes what we are building, just email us at [email protected]“