Luxury retail bellwether Nordstrom saw ecommerce growth of 5% to more than $1 billion in the first quarter of 2020, while overall sales dropped nearly 40% as COVID-19 locked down its retail side, the company reported. Nordstrom is also evolving its model to focus more on off price locations and ecommerce than mall stores.
After spending years trying to shed its “coat factory” branding – think Boston Market on the fast casual side – Burlington Stores is shedding something else: ecommerce. The CEO said ecommerce represents just 0.5% of total sales and doesn’t leverage the company’s “treasure hunt” draw for shoppers, giving stores a huge advantage.
Nordstrom reported tremendous success with its online off-price business which saw a sales growth of 50% in the first quarter. See what other growth initiatives are planned for Nordstrom.
Macy’s will launch the first four off-price stores known as Macy’s Backstage in the fall of 2015 in metro New York City. See what this means for the company.