Department store retailer Nordstrom will announce that it will build a 300,000 square foot store on West 57th Street later this week, according to the NY Times. Apparently Nordstrom will be having a press conference with Mayor Bloomberg on Thursday, but various real estate executives are spilling the beans to the Times.
Apparently the seven-story store will be just east of Broadway, where the Hard Rock Cafe used to be (at 221 West 57th Street). Developer Extell apparently is planning a skyscraper—a "one-million-square-foot tower, with a hotel and apartments"— at the site, which also includes a Morton Williams supermarket. The Times points out, "The location on 57th Street is about 20 blocks north of Macy’s and well west of Saks Fifth Avenue and the luxury stores on Madison Avenue. But Nordstrom may be trying to capitalize on the success of the multilevel retailing at Time Warner Center in nearby Columbus Circle, where the sales volume at its shops reportedly runs to about $1,600 per square foot."
A real broker said, "It’s a very big deal. It’s probably the most interesting thing to happen in retail in a long time." Nordstrom has department stores in NJ but only has a Rack—its off-price store—in Union Square. For some perspective, Macy's Herald Square has over one million square feet of selling space.