Nordstrom to battle retail industry slump with new flagship store
Monday, September 18, 2017
It's not new knowledge that brick-and-mortar stores are seeing drops in sales as they realize the time has come where internet giants like Amazon are a more popular shopping avenue. Consumers have evolved with the internet, and they now look for ease and experience when choosing their shopping routes.
Retail isn't dead, but it does need to embrace the changing consumer and develop stores to fit their needs. That means a move to omnichannel approaches.
Nordstrom, one of the most popular department stores, is trying to do just this with the announcement of its new flagship store, dubbed Nordstrom Local. This store will be a much smaller version of its department store mother — 3,000 square feet compared to an average of 140,000 square feet.
This won't be the only difference, either. The real shock is the announcement that this store will have no inventory. That's right, a clothing store that doesn't actually keep clothes in stock.
Instead, Nordstrom Local will aim its focus on creating a luxury experience for the consumer. The store will be staffed with personal shoppers who can pick out items from mother stores and bring them in for an easier try-on experience.
Shoppers also have the option of shopping online from the comfort of their home and have their items delivered to the store. Once they go in, they can try on their picks and also get them altered by an in-store seamstress.
When it comes to developing a new atmosphere, Nordstrom has not left anything behind. There will also be a bar and a nail salon to ensure the shoppers can truly get everything.
Although online retail sales are on the rise, the good news is shoppers still prefer in-store locations. Retailers must use this to their advantage, and work to provide new stores to create the experience shoppers are wanting.
Nordstrom isn't the only store looking for new and innovative ways to please their customers. Brands like Nike have also been trying to shake up their stores by adding in fun things like basketball courts, treadmills and soccer areas for the past year.
If these new formats are successful, it means fierce competition for other stores to step up their game and stand a chance against the new formats to keep customers interested in their brand.
A recent report shows that more stores are actually set to open in 2017 than close, a fact that most news stories fail to mention when discussing the change in the retail world. These numbers show that although this "retail apocalypse" may be happening, it's not because retail is dead.
Regardless of what people think, retail is here to stay and so are consumers' shopping habits.
- 10 negative employee behaviors that undermine success
- Selling your business? What tenants need to know about their lease
- Are independent pharmacies really that profitable?
- 7 key elements of an effective new employee orientation program
- 3 secrets to successful leadership
- Avoiding security deposit pitfalls when renewing your lease
- You cannot lead until you have their trust
- CVS’s sneaky move to recoup loss of tobacco sales
- Managers beware: Your employees are probably tired and anxious
- Integrity tests for officers — Will they help?
- Focus on sentence-building activities
- Why are women donating kidneys more than men?
- Will Trump’s plan slow down the opioid epidemic?
See your work in future editions
Your content, Your Expertise,
Your Industry Needs YOUR Expert Voice & We've got the platform you needFind Out How