The last few years have not been kind to retailers. From home goods outlets to children’s clothing and beloved craft stores, thousands of stores have closed their doors for good.
Even iconic anchor retailers at malls have struggled, although retail foot traffic is expected to surpass pre-pandemic levels this year.
Retailers that are hanging in there, or even thriving enough to open new locations, are ones that are nimble.
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Evolution is the key to survival in more than just nature.
Gap, for example, launched its “retail laboratory” stores in 2022, where customers could watch creative teams at work; Target has launched smaller-format stores (50,000 square feet instead of the typical 125,000).
The handbag brand Coach experimented with augmented reality mirrors in stores, allowing customers to see themselves reflected in so-called smart mirrors where they could virtually try on various bags accompanied by special digital effects.
These are all examples of iconic brands that are not resting on their laurels but are instead looking for ways to attract customers to their stores.
Nordstrom’s New York store on the corner of 57th and Broadway is the site of pop-up collaborations, like the current one with New Balance.
Image source: Shutterstock
Some retailers are experimenting with new concepts
So while people do still shop in brick-and-mortar stores, they’re not always shopping in the ways they used to.
Data from Placer.ai suggests that these days, more people visit a mall as part of an outing that includes multiple stops — e.g., a restaurant, a grocery store, or perhaps a wellness center — rather than as the destination.
In the meantime, some retailers are looking for ways to rewrite their own retail experiences. Take Nordstrom (JWN) , the luxury retailer known for its customer service.
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Nordstrom recently opened a medspa concept — complete with access to Botox, laser treatments, microneedling and more — in New York and in Oakbrook, outside of Chicago. Both locations are booking appointments.
In Los Angeles, the company is launching “Catherine Bloom for Nordstrom” a store-within-a-store. Named for the A-list celebrity dresser who has a national reputation as a personal stylist to the stars, the Catherine Bloom concept is expected to drive plenty of foot traffic.
Also as part of its effort to reinvent and reinvigorate the luxury retail experience, Nordstrom launched a series of pop-ups at its flagship New York location, dubbed @ The Corner.
Earlier this year, Nordstrom featured a special pop-up shop for parents and caregivers with the brand Nuna, and a fitness-focused one with FP Movement; last year a collaboration with Skims was a big hit.
Nordstrom and New Balance step into a chic summer pop-up
A collab with New Balance, another iconic brand, is the latest installation.
New Balance @ The Corner is a limited-run pop-up shop located at the Nordstrom on the corner of Broadway and 57th Street.
The pop-up will feature monthly product drops across shoes, apparel, and accessories for women, men, and kids, as well as limited edition collaborations and customization opportunities available in-store only. The shop also will offer a handful of classes including yoga, dance, and boxing, plus multi-sensory experiences like scent-building and ceramics workshops.
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The collaboration will focus on a different theme each month. May is “Grey Days,” focusing on New Balance’s signature color. June and July shift to “Found in New York,” with the theme for June being “In Bloom” and “Subway Series” for July.
“We’re excited to connect our customers to the rich heritage of New Balance, while showcasing the vibrant culture of New York City through New Balance @ The Corner NYC,” said SVP of Creative Olivia Kim in an announcement. “The collaboration celebrates craftsmanship and innovation through an experiential space for customers to explore exciting product and immersive experiences.”
Nordstrom’s New Balance @ The Corner will be open through August 3rd.
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