Photo: William Couch via flickr
The opening of a new Nordstrom flagship store in New York City, which won’t happen for another two years, will send shockwaves through Midtown’s other big retailers.Will it succeed? Probably, but there’s one important challenge that Nordstrom must overcome.
The store will be located in a wasteland totally devoid of other fashion stores — on 57th St., east of Broadway. When rich tourists come to New York to buy clothing and accessories, they don’t go anywhere near where Nordstrom is going to be.
“Initially, [Nordstrom’s] going to be an island,” Thor High Street Advisors CEO Joe Sitt told WWD. “They have to hope that some more retail follows down the road. Right now, there’s nothing coming down the road.”
Right now, the property is adjacent to a supermarket and a small store. The other side will have a 90-story residential tower and hotel, according to the New York Times.
But one real estate agent told WWD that the less-than-stellar location was their only option:
“What were the alternatives? Hudson Yards? That seems like a long way off,” said one Manhattan real estate executive who requested anonymity. “It’s really hard to find a big box in Midtown. It’s an incredible opportunity. Nordstrom will ignite that part of the West Side.”
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.