Tuesday, November 16, 2010

Charitable Nordstrom store slated for NYC

Crain's New York Business.com reported that the retailer to donate earnings from its downtown location to charity; mix of merchandise has yet to be determined ahead of fall 2011 opening.

Nordstrom has signed on for a downtown location. The Seattle-based department store has inked a long-term lease for more than 11,100 square feet at 350 W. Broadway, a new building between Grand and Broome streets. The retailer plans to open what it bills as a “unique” concept store at that address in the fall of next year. All earnings at the new store will be donated to nonprofits. Earlier this year, the retailer opened a Rack discount store in Union Square.

“Nordstrom chose 350 W. Broadway as an ideal venue because it is a one-of-a-kind property in a cutting edge, highly trafficked neighborhood that appealed to the company for this new concept,” said Oliver Katcher, senior vice president of landlord RFR Realty, in a statement. Details of the lease, including the duration and asking rent, were not disclosed. However, asking rents for the building were $175 per square foot for the ground floor, and $45 per square foot for the second level, according to brokers.

The name of the new concept store has yet to be determined, but will not contain the name Nordstrom, according to the company.

“It's a unique, philanthropic-based store concept,” said Pamela Lopez, a Nordstrom spokeswoman. “All profits will go to nonprofit organizations.” It is not yet decided if the outpost will feature exclusive merchandise. The West Broadway shop will be the sole national outpost of its kind. Ms. Lopez added that, while Nordstrom would love to have a flagship in New York someday, the company has nothing to announce yet.