The numbers show the NY Flagship did not have anywhere the sales projected in December. January is off to a very bleak start. They put lipstick on a dying pig.
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There is the Men's Store in NYC as well. From the looks of the merch they had on hand they should have located it in the East Village instead of midtown.
I've seen the Flash reports since day one and they have to be a disappointment to the Boys. No matter how much white wash they use, things are not great in the wormy apple. They should have pulled the plug in '08 when the economy Depressed. No raises and job cuts to keep feeding the Great White Whale.
every new store regardless of the retailer has unrealistic expectations when it opens. it’s year over year comparison that matters. the nordstrom flagship is what the city needed and will do just fine. It may be a couple of years before it hits its stride but it will.
Careful, don’t post proprietary info, Flash report data, etc. Sales are indeed the truth, and they will come out in public earnings. The Manhattan FLS will get plenty of attention.
That said, it’s sad to hear that the store is not meeting expectations. Years ago Blake said that such a store would have to hit on all cylinders just to break even. They may have overspent to create this store, and the new sense that BAM retail has to be a great spectacle, with pop up shops and whatshername the fashion chick, and magic mirrors, and all this nonsense, it only increases the overhead.
I still remain concerned that JWN has a stake in the condos above the store, liability which they will disclose maybe later this year. A 10q hinted at it some time back, so we will need an update as the NYC RE markets grind to a halt.
Still want to visit the store, have lunch there, next time I’m in Manhattan.