"Nordstrom opened its flagship store in Manhattan one year ago. Six months later, the pandemic forced it to close. What will the future have in store?"
Link to podcast:
https://podcasts.google.com/feed/aHR0cHM6Ly92aWRlby1hcGkuYmFycm9ucy5jb20vcG9kY2FzdC9yc3MvYmFycm9ucy90aGUtcmVhZGJhY2s/episode/Yzk0MzRkYTQtMjlkMS0xMWViLWE5OWEtY2ZlOWZhODgwNTRk
Nordstrom's stake in the condos upstairs has been mentioned in the earnings, but not in great detail. I wish I knew more about it, but it's always been mysterious. In one earns a while back, the asset column increased dramatically, and I supposed that it related to CPT somehow. If there is real liability and risk (maybe), and the RE landscape is changing in NYC (yes), then Nordstrom will call this out somehow in future earnings.
I am of the opinion that the family are decent, earnest stock and not scumbags. We'll hear more about it if there's a there there.
Way more than $500M tied up in that NYC building and store – all those ultra luxo condos up above sitting empty...
They are in a bad place!!
Does anyone really think Nordstrom would have closed 16 stores + Trunk Club if they didn’t spend 500m+ on NYC?
The Women’s store has been gutted since Covid from NYC centric buyers to none, 3 store managers to 1 & more..