So, we’ve really leaned into that.” Nordstrom Rack continues to be Nordstrom’s fastest growing business. We view convenience as being where they want to shop. And we are on everybody’s couch, when they’re sitting there with their iPad, or in their work desk. With locations in the hundreds rather than thousands, Thomas said, “we’re not on every corner at this point, but we are in everybody’s phone. Nordstrom Rack, however, has taken another approach. Competitors have tackled the issue by opening “thousands of stores” to be physically convenient. The next period will look different than the last two, “but is going to be filled with exciting opportunities to grow both the digital and physical footprints, as well as our mobile capabilities.”Ĭonvenience is as important to the off-price customer as anyone else. In 2010, Nordstrom Rack was roughly a $1.3 billion operation, he said, and it has grown by roughly $2 billion every five years since.
Including, we believe, opening more Rack stores, as we have over the last several years.”
“We believe that by leveraging the kind of breadth that the online business gives us to widen our aperture on price and the ability to bring easy returns to stores – in fact, 83 percent of our online returns come back to Rack stores – it’s the combination of all of those things that is going to enable us to get to that next $2 billion.
#Norstrom rack app full#
Overall, the off-price sector is in an aggressive season besides that, however, “we’re the only retailer that has a full digital complement, as well as omnichannel capabilities and a store platform,” he said. The company recently announced it intends to grow the Nordstrom Rack brand by about $2 billion over the next five years. That result was more stumbled-upon than planned, he said, but the Nordstrom Rack stores that typically do best have a Nordstrom nearby. It creates this synergistic thing that we think is really unique in our space.” And so, when they come to visit the Rack store, they will make their way across the street to the full-line store, and vice versa. It’s because Rack attracts a lot of customers. When the company opened its flagship Nordstrom Rack store across from its flagship Nordstrom in downtown Seattle, he said, “the Nordstrom store had its best year ever. Since its beginnings, he said, the company has learned that customers ebb and flow between the two based on their need states. President of Nordstrom Rack Success in co-location “We look at the business holistically, and we look for ways in which we can deliver the best product to the best customer, in the ways that they want to receive it, whether that’s in a mobile app or on the website, or in one of our stores,” said Thomas during a keynote conversation with CNBC retail reporter Lauren Thomas. And today, Nordstrom and Nordstrom Rack are each powerful brands, operating as part of an integrated entity. Over time, it became the biggest acquisition source for new customers. Nordstrom Rack, which started in the basement of a downtown Seattle Nordstrom, began as a way to clear end-of-season inventory from the full-line stores. “You’re going to go looking for the black dress,” said Nordstrom Rack President Geevy Thomas at NRF Retail Converge, “and you’re going to leave with a shopping cart full of all kinds of things you didn’t know you had to have.” As for heading to Nordstrom Rack instead? When looking for that perfect little black dress, Nordstrom might be the spot for the latest and greatest.
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