With a major Midtown flagship on the way in a few years and Rack stores popping up in a few boroughs, WWD tells us today that Nordstrom is still looking for a spot for a second full line store in New York City. And where are they looking?
Big surprise, right?
Speculation centers around several Lower Manhattan sites ranging from spaces on Wall Street to the Howard Hughes Corporation's complete renovation of Pier 17. None of the potential spaces are perfect slam dunks. They will all take some serious negotiations, and Nordstrom, as we have seen from the previous rounds of rumors regarding the store that will eventually open around the corner of Broadway and 57th Street, will kick a lot of tires before they make a final decision. They are extremely picky about location (as they should be) and, in most cases, insist on building their stores from the ground up which will be extremely difficult if not impossible in the landmark-laden financial District. The World Trade Center retail spaces are said to be too small to accommodate the 230 square foot flagship sized store that the Seattle-based chain is looking to construct, even though space might have freed up now that the much rumored talks to sign luxury stores from Tiffany, Tom Ford and Giorgio Armani boutiques are now rumored to have stalled due to their potential proximity to both Century 21 and the upcoming Saks Off-Fifth. Pier 17 would be a dramatic spot that would allow the chain's preferred construction requirements, but it is the site of a previous retail project that was a colossal failure. Saks has taken the largest space in Brookfield Place, and that store is only going to be 85,000 square feet, a little more than a third of the size of the presumed Nordstrom store. That leaves other buildings around the area that may or may not fit Nordstrom's bill. We don't expect the chain to settle on a space anytime soon, but keep in mind that when Nordstrom wants to put a store somewhere, they eventually find a way to do it, so add another great big department store to the list of openings before the end of this decade. That makes one new Barneys, one Neiman Marcus, one new Saks Fifth Avenue and now, two Nordstroms coming to Manhattan.
Five big stores.
Let's just hope people keep spending.