Shopping Buzz: Nordstrom to Open in New York

Great news for shopaholics in New York: Reuters is reporting that Nordstrom will open its first department store in New York City in 2018, ending a 25-year search for a prime spot in town.

We hear the store will cover 285,000 square feet and occupy seven stories at the base of what will become Manhattan's tallest residential building, to be built on 57th Street near 7th Avenue. The store is part of a deal with Extell Development Co, the upscale chain announced at a press conference on Thursday.

A full-service New York department store will give the chain exposure to the millions of tourists who flock to Manhattan and have bolstered business at rivals such as Saks Fifth Avenue, Macy's Inc Bloomingdale's, Neiman Marcus Group Inc's Bergdorf Goodman and Tiffany & Co.

The Manhattan Nordstrom will be one of the biggest in the chain's fleet, where department stores on average are 177,000 square feet. It will also be located approximately half a mile from the luxury shops on Fifth and Madison Avenues.

The news comes as many of its rivals are spending millions on their New York City flagship stores to woo free-spending tourists. Macy's has begun a $400 million multiyear makeover of its Herald Square store while Saks is revamping its eighth-floor shoe section.

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