As unemployment benefits claims continue to rise weekly, economists and anaylyst continue to search for answers on how to improve the economy. With no concrete answer in sight, some U.S. based companies continue to grow and expand regardles of harsh economic times.
U.S. based luxury retailer Nordstrom, plans to open multiple stores in Canada in partnership with Canadian developer Cadillac Fairview, Women's Wear Daily reported Tuesday.
Holt Renfrew and the Bay are about to meet a whole new level of competition
The Seattle-based chain has 234 stores, including 113 Nordstrom Rack sites, all in the U.S. Last year, it said it was stepping up efforts to expand internationally. President Blake Nordstrom told shareholders it was looking in Toronto and Vancouver, but that finding "the right location is a challenge."
Nordstrom is a full-line higher-end department store that will be in competition with Holt Renfrew, the Bay and specialty retailers like Harry Rosen.
The move comes amid an increasingly competitive retail landscape in Canada, with discount retailer Target set to open its first stores in 2013 and retailers like Ann Taylor, J. Crew and others setting up shop in prime locations including the Eaton Centre and Yorkdale.
John Torella, a senior partner with the J.C. Williams Group, said Nordstrom's key differentiation will be customer service. Employees are hired for their sensibility and are expected to put it to use when dealing with customers.
"They have historically done a great job in terms of searching out people that have the right attitude," he said.
Nordstrom focuses on young and established families, a key demographic for long-time Canadian retailers like the Bay and Sears and discount retailers Walmart and Target.
Nordstrom also has a strong e-commerce business in Canada, giving them the advantage of a strong customer base coming into the market.
The chain also has ramped up expansion of Nordstrom Rack stores.
Although Nordstrom expaning to Canada may seem like a good idea for the Canadian economy, it does very little for jobs in America and the American economy.
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