This past year, Lord & Taylor announced it would close its flagship store in New York City, as well as 10 of its other retail locations through 2019. While many long-established retailers have struggled to keep up in an increasingly omnichannel retail environment, the announcement still came as a surprise for many people as the 676,000-square-foot store has been a mainstay on Fifth Avenue for more than a century.
A number of other legacy retailers have been forced to close some or even all their doors, but the news of Lord & Taylor proved that even upscale retailers that appeal to affluent shoppers are struggling to keep up in a constantly evolving retail environment. There’s one upscale retailer, however, that has managed to change with the times. It was an early adopter of online retail as far back at the mid-90s, and in 2017 the company’s revenue reached $15.1 billion in sales: Nordstrom.
As we move further into 2019, retailers should take inspiration and direction from not just a legacy retailer, but a truly cutting-edge company that’s constantly reassessing its retail strategy and using new forms of technology to stay on top. Here are some innovative ways Nordstrom is staying ahead of the competition:
Bart Mroz is CEO at SUMO Heavy, a digital commerce strategy firm. The company builds, connects, expands and invests in growing online retailers. This group of experienced strategists, consultants, designers and developers works to build solid brands and to create effective online retail solutions. Bart is an expert in e-commerce, business consulting, and technology strategy.