Nordstrom announces plans to close Lloyd Center and Vancouver Mall stores.

Soup 'r Crackers!

[video=youtube;h-ElqPW2ZSE]http://www.youtube.com/watch?v=h-ElqPW2ZSE[/video]

 

What does it tell you that Nordstrom is abandoning their traditional model? When the leases roll over on their large stores, you'll see many break them up. It's been happening in malls all over the country.

 

It's getting to be that way.

 

It tells me that they are a company that is not scared to evolve. The only stores that close will be stores in areas that suck, and that includes Vancouver Mall and Lloyd Center. Those are going to become ghost towns or basically collections of discount stores. Shopping areas need a good anchor store. It helps the area greatly. You can set up ministores anywhere, but if you want a central entertainment district with shops, you need an anchor.

 

Of course they're evolving: Away from relying on massive anchor locations. I'm glad we agree.

 

If that were true, they would not be opening new stores.

 

Sure they would. You're discounting the stickiness variable in real estate transactions.

I've financed more than a few regional malls in my time, and I'm telling you the mall owners are pretty freaked about the decline of the anchor store.

 

Yeah, in depressed areas in which the community doesn't have the demographics to support. Face it, NE Portland isn't going to ever develop in the vision that most major retailers will want it. First Trader Joe's and now the end of Nordstroms. Nordstroms is a niche store, they serve an upscale clientele.

This closure is more a reflection of the community than it is about Nordstrom.

 

Nordstrom has become a niche store. It didn't used to be that way. It used to be a solid middle to upper middle class market segment store. The fragmenting of retail forced that evolution. Now, Nordstrom competes downmarket with the Rack and further upmarket with their main department store. They've been shoved out of their previous, larger segment. Now, they're what Neiman Marcus, Saks and I Magnin were two decades ago.

Nordstrom aside, the larger point is that anchor retail in regional malls is a dying segment, even with the subsidies provided by the mall owners.

 

When was this, the 70s? Before my time. But in the 80s, it was higher class than Meier and Frank and Frederick and Nelson.

 

"We'll just agree to disagree"

HA. I SAID IT FIRST I WIN

 

Nordstrom Rack is hit or miss. The one downtown sucks.

 

I'm talking 80s. It was a step above M&F and F&N, but it wasn't like I Magnin. It sold traditional, high quality stuff. Kind of a Northwest Brooks Brothers.

 

I don't remember I magin

 

http://en.wikipedia.org/wiki/I._Magnin

 

I do. My mom used to take me to the Washington Square store where Nordstrom now is (before that it was F&N).

 

Ha! That shows how observant I am. I was unaware they are no longer in business.

 

Where was it in Oregon?

hoop fam