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NORDSTROM OPENS IN NEW YORK & ALL PROFIT FROM THE STORE GOES TO CHARITY

NORDSTROM OPENS IN NEW YORK & ALL PROFIT FROM THE STORE GOES TO CHARITY

 

(Photo courtesy of livetradingnews.com) 

For a lot of people, Nordstrom is a guilty pleasure.

But, there is nothing guilty about the pleasure of shopping at the latest Nordstrom-owned store that is set to donate all of its profits to charity.

The store, Treasure & Bond, opened Friday in New York City's Soho district featuring a funkier clothing line and a commitment to passing on all proceeds to nonprofit organizations that benefit New York City children. The store will partner with different charities every quarter, starting with the New York Public Library Programs for Children and New York City’s Young Men’s Initiative.

Called Treasure & Bond, the new store is less than a tenth the size of a typical Nordstrom department store. In fact, it is a big experiment that will not even contribute to Nordstrom’s bottom line, as the profits have been committed to charity.

That may seem odd for a public company, but retail analysts said it was sensible for the Seattle-based chain, which for years has been trying to figure out the New York market before formally opening a full-fledged department store.

“They’re probably trying to generate good will before they make themselves present in New York with a full-line store,” said Ken Stumphauzer, an analyst at Sterne Agee. “This will essentially give them some perception or added insight into the New York consumer, and specifically into the more affluent full-priced consumer.” (more)

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Article via Good News Network & New York Times | Read full article here

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