The upscale retailer Nordstrom will open a New York City store Friday, with all profits from sales there earmarked for charity, reports The New York Times.
Announced with few details last fall, the store, called Treasure&Bond, is much smaller than a typical Nordstrom and carries funkier merchandise. The company said proceeds will go to children's charities on a rotating basis, with initial recipients to include the New York Public Library’s youth programs and Edible Schoolyard NYC.
The Seattle chain has long eyed New York but to date had opened only a discount Nordstrom Rack store in Manhattan. Analysts said both the charity approach and the store's different style are designed to ease the company's move into the market.
“They’re probably trying to generate good will before they make themselves present in New York with a full-line store,” said Ken Stumphauzer of the brokerage firm Sterne Agee.