Nordstrom Closes Jeffrey Boutiques Amid Slumping Luxury Spending
(Bloomberg) -- Nordstrom Inc. will close its three high-end Jeffrey fashion boutiques and announced the departure of its fashion director for designer goods.
Jeffrey Kalinsky, who joined Nordstrom in 2005 and subsequently led its merchandising across all designer categories, will retire, the company said in a statement.
The department-store operator also said that the decision to close the stores in New York, Atlanta and Palo Alto was to ensure that the company has the “right footprint” of physical locations as it navigates the coronavirus pandemic that has kept much of U.S. retail paused for the past two months.
Earlier this month, Nordstrom said it would close 16 of its full-line shops, more than 10% of its department store network.
Luxury goods have been walloped by shutdowns, with stores that don’t sell essential items shut since mid-March. They’re just beginning to reopen as parts of the U.S. emerge from lockdown measures. The personal luxury goods market could contract by 20% to 35% for the full year, according to a report by Bain & Co.
©2020 Bloomberg L.P.