Consilium
Active Member
Is that because of the low sales levels?
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Nordstrom
- Thread starter kkgg7
- Start date
Amare
Senior Member
Im sure that was a major reason, but there have been various rumors flying around about the exact cause. Some of them unrelated to store performance, but he certainly was not given the option of stepping down.
soundmuseum
Active Member
Is this Todd Buntin? His LinkedIn page now says "Accomplished retail leader seeking new opportunities". He's been with Nordstrom since 1996.
pw20
Active Member
Interesting that bolts is underperforming at Square One. I wonder of they made the wrong strategic choice by leaving sherway. I know the mall is trying to reposition itself as more upscale, I just wonder if it will work.
Amare
Senior Member
That would be the guy. Let's just say his career at Nordstrom has been tarnished and tainted on the way out.
Consilium
Active Member
A better place to post that is in the Square One or Holt Renfrew threads.
When I checked it, it said that he worked at the Eaton Centre location from January 2016 to March 2017, and the store opened in September 2016, right?
Here is the link.
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stanko
Active Member
I can't believe they're opening a third location in the span of a year, and it's in Sherway Gardens where there's already a Saks Fifth and Holts. I've seen some people on this forum talk about how the luxury retail market is undertapped in Toronto but I definitely don't find that to be the case right now. There's no way we aren't going to see another Target situation with at least one of these retailers; I'm putting my bet on Nordstrom
Amare
Senior Member
Holts is no longer at Sherway. That location has closed and has since been relocated to Square One.
In terms of the luxury market in Toronto, it will be able to sustain itself just fine trust me. The only store location I can foresee closing would be the Nordstrom at Eaton Centre since that store is under-performing more than anyone could imagine, but I doubt it will happen since that's their flagship store in Toronto.
In terms of the luxury market in Toronto, it will be able to sustain itself just fine trust me. The only store location I can foresee closing would be the Nordstrom at Eaton Centre since that store is under-performing more than anyone could imagine, but I doubt it will happen since that's their flagship store in Toronto.
Northern Light
Superstar
Amare, I don't know your sources; and not asking.
I have my own............
But haven't pegged the per sq ft number of Nordstrom EC
Though I certainly have heard of profound under performance.
But I'm curious if you've got a beat on Saks' Numbers
Because I'm hearing Saks' Queen is even worse; and utterly awful if you separate the Pusateri's space.
I don't have first-hand knowledge, so take everything the appropriate amount of salt; but I trust my sources.
Does leave me curious about the luxury market, if 2/3 of downtown players are losing their proverbial shirt.
narduch
Senior Member
The Yorkdale location seems to have steady traffic the few times I've walked through.
But I do tend to agree. Eventually we will be overtapped with these 'luxury' stores.
Amare
Senior Member
I dont have the numbers on Saks myself unfortunately, but from i've been hearing that store has gone from performing modestly well to under performing. I'm not sure what the extent of the under performance is exactly so I cant compare it with the numbers at Nordstrom, but if I hear or see the numbers i'll be sure to update.
The thing is, both retailers are targeting the wrong demographics downtown and that's a big reason why those locations are struggling so much. In the core, there are very few people with the mindset of "let's wake up and go to Nordstrom or Saks to pick up a pair of $1000 shoes". Downtown Toronto is made up of primarily business shoppers and university/college students during the week, and it attracts crowds outside of that demographic primarily on weekends. Both stores are missing the mark with their current offerings and they dont keep these facts in mind. Since the keep ignoring the obvious this is why they continue to struggle.
If one goes to Yorkdale they wouldnt come out with the conclusion that the luxury market in Toronto is dying, because that's where high income individuals spend their money. Heck, Bloor and Yonge would even be more appropriate than the Eaton Centre. That's why I often question Nordstrom's judgement with placing a Nordstrom Rack at Bloor and Yonge, while placing a full-line store at the Eaton Centre. But obviously Nordstrom has their reasons that we'll never know.
Both retailers have the ability the change, but overall Saks would be in the worse position since HBC is right next door so even if they change their offerings they would just cannibalize their own sales.
vatche
Senior Member
They should've gone on bloor and not EC.
pw20
Active Member
It is interesting that 5 of 6 Norstrom stores are in CF malls. CF had a vested interest in replacing the Sears in their flagship property. I'm sure the Nordstrom locations were negotiated as a package deal... Securing 200k of retail space at Bloor // Yonge is inordinately difficult. (Nordstrom is currently doing just that at a very high cost in Manhattan for their New York flagship).
I agree with the rest of your comments about the downtown consumer. Harry Rosen has managed to find a sweet spot servicing the downtown business clientele. He is expanding his store into 2 Queen West; Aritzia also does boffo business at the Eaton Centre (most likely do to proximity to Ryerson). Nordstrom probably needs to re-think their mix. I do think Saks is a lost cause (and I've always thought so at that location - there is neither the upscale consumer nor upscale tourist to support the type of luxury that Saks has brought to downtown). But again - that was a real estate decision (made by a CEO who understand real estate not retailing).
Northern Light
Superstar
I am in complete agreement that Sak's in particular should be on Bloor and the proposal for the Hudson's Bay site there made much more sense.
I'm less sure on Nordstrom which I think can have broader middle-class appeal.
Though I agree their assortment is off for the location.
I'm also stuck on the idea that the location itself just wasn't handled right.
The entrance off the EC on both sides (north and south) feels understated and of no particular import.
To me that alone was a serious mistake.
I would also add, while I find the EC store nice, and well-appointed, it just feels small to me. I think, in part, it's victimized by people's memories of what Eaton's looked/felt like at its best, as well as the scale of the south mall.
Obviously it was never going to be as big as Sears, let alone the former Eaton's. Current sales also don't justify a larger footprint.
But it just doesn't feel 'flagship' to me.
Maybe that's just me.
JasonParis
Moderator
I've also thought that splitting Toronto's downtown luxury market into two different zones made little sense. I still wish at least one of those stores had gone into The Hudson's Bay Centre (at Yonge & Bloor).