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Nordstrom, like many other departmentstores, had a much weaker quarter: overall sales fell 40% , with full-price locations dropping 36% and the off-price division declining 45%. The declines were attributed to store closures, though the retailer has reopened about 40%.
As we look to 2023 and beyond, we believe our five growth vectors, which include our private brands reimagination, off-mall expansion, online marketplace, luxury brands acceleration and personalized offers and communication will further solidify our modern departmentstore positioning.”
For brands in sectors such as apparel, Footwear, Jewelry, Sporting Goods, Home Goods, and DepartmentStores, finding the right retail pricing strategies is crucial to survival and profitability. The economy remains volatile, inflation continues to rise, and consumer confidence is on shaky ground. Monitor competitor prices in real-time.
The good news is that with revenues not going anywhere, operatingexpenses declined materially and underpinned an increase in operating income. He also anticipates that a number of the departing rue21 tenancies will return under the retailer’s new ownership.
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