Nordstrom Rack

Nordstrom Rack is an American off-price department store chain founded in 1973. It is a sister brand to the luxury department store chain Nordstrom.[2]

Nordstrom Rack
TypeSubsidiary
IndustryRetail
Founded1973 (1973)
FounderJohn W. Nordstrom
Headquarters
Seattle, Washington
,
US
Number of locations
352
Area served
United States
Canada (closing in 2023)
Key people
Geevy Thomas (president)
Products
RevenueIncrease US$5.2 billion (2019)[1]
ParentNordstrom
Websitenordstromrack.com

As of 2021, Nordstrom Rack operates 352 stores in 41 U.S. states and three Canadian provinces.[3][4]

History

In 1973, Nordstrom Rack opened their first store in Seattle as a clearance outlet full-line store.[5] The first Nordstrom Rack location was in the basement of a downtown Seattle Nordstrom store.

Their website was launched in February 2014 by HauteLook which was acquired by Nordstrom in 2011.[6] The Nordstrom Rack e-commerce site was built on a shared platform with Hautelook, which is Nordstrom's flash sale business. When visiting the Nordstrom Rack's website, there is an option to navigate back and forth between Hautelook and Nordstrom Rack. Nordstrom Rack has an e-commerce site that has brand name options at lower prices. It is easy to search for items by type, brand name or price range.

Nordstrom Rack makes up about a fifth of Nordstrom's overall sales. Since 2013 Nordstrom Rack has generated over 2.5 billion dollars in sales.[7]

On March 22, 2018, Nordstrom Rack opened its first store in Canada which began their global expansion.[8] All seven Nordstrom Rack stores in Canada are set to be closed in 2023, following Nordstrom's exit from the country.[9]

On December 20, 2021, it was reported that Nordstrom was considering spinning-off Nordstrom Rack into a separate company.[10]

References
  1. Rachel Lerman. "Did you know Nordstrom Rack never had a website — until now?". Bizjournal.
  2. Coherent Market Insights (May 27, 2022). "Off Price Retail Market Size 2022 Global Trends, News, CAGR, Industry Demand, Business Growth, Top Key Players Update, Business Statistics, and Research Methods Forecast to 2028". Digital Journal. Retrieved May 31, 2022.
  3. "All Nordstrom Rack Locations | Clothing Store - Shoes, Jewelry, Apparel".
  4. Walter Loeb. "Nordstrom: An Impressive Growth Outlook for a Unique Retailer". Forbes. Retrieved 17 June 2015.
  5. Casey Mcnerthney. "Seattle History: Nordstrom through the years". Seattle pi. Retrieved 17 June 2015.
  6. "Nordstromrack.com | HauteLook Reduces Downtime by 80% Using New Relic Insights". New Relic. Retrieved 17 June 2015.
  7. Rachel Lerman. "Did you know Nordstrom Rack never had a website — until now?". Bizjournal.
  8. Marina Strauss. "Nordstrom delays openings of low-cost Rack stores in Canada". The Global and Mail. Retrieved June 17, 2015.
  9. "Nordstrom will close all of its Canadian stores, cutting 2,500 jobs in the process". 2 March 2023.
  10. Thomas, Lauren (2021-12-20). "Nordstrom reportedly hires AlixPartners to review possible Rack spinoff". CNBC. Retrieved 2022-03-31.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.