New York—Treasure & Bond sounds more like a trading firm on Wall Street than Nordstrom’s latest retail effort—especially one where 100% of the profits will go to charity.
While Nordstrom have coveted opening its own full line department store in Manhattan for years, the closest the Seattle-based retailer has come is opening a Nordstrom Rack, its outlet store, on Union Square,
But Treasure & Bond, which opens today, will be unlike anything else under the Nordstrom umbrella. The company said the 11,137 square foot store, located at 350 West Broadway, is “independently operated” and “not a mini-Nordstrom.”
‘Not a Mini-Nordstrom’
Pete Nordstrom, president of merchandising for Nordstrom Inc., said the inventory, which includes 150 brands from gifts and home goods to women’s, men’s and children’s apparel, is all “curated from resources all over the globe.”
Since the concept is nontraditional much of the merchandise reflects and gives the retailer “the chance to be more scrappy and nimble,” Nordstrom said, adding that some merchandise is one-of-a-kind and often the work of emerging designers.
The company said Treasure & Bond’s concept was came from an idea Vogue editor Anna Wintour and the New York philanthropist Catherine Marron came up with. In keeping with its nonprofit nature, many of the fixtures and materials are reused from other Nordstrom stores.
The first year’s proceeds will benefit charities that help New York children: The Edible Schoolyard NYC, The Achievement Gap Project, and the Association to Benefit Children (ABC). After the first year, selected beneficiaries will come from shoppers’
Nordstrom also may be using the Treasure & Bond concept to get a better handle on New York City consumers should the company ever fulfill its quest to open a full-line Nordstrom in Manhattan. Many press reports even referred to the store as Nordstrom’s “alias.”
“They’re probably trying to generate good will before they make themselves present in New York with a full-line store,” Ken Stumphauzer, an analyst at Sterne Agee told The New York Times. “This will essentially give them some perception or added insight into the New York consumer, and specifically into the more affluent full-priced consumer.”