Nordstrom\u0027s decision to leave Canada is the latest example of a legacy retailer struggling to find a place in the digital age. Read on
The COVID-19 pandemic compounded the headwinds and disruption retailers faced and the current economic environment has worsened prospects, said David Soberman, a marketing professor at the University of Toronto.In the two most recent quarters, Nordstrom’s revenue was below pre-COVID levels. The company said that diminished consumer spending, because of high inflation and interest rates, was hitting the top line.
“Consumer spending is still happening, and so therefore, I think it’s the department stores’ jobs to ensure they have the best version of the products for their unique ,” Siegel said. “Recognizing that those are feeling consumer pressure does not negate the fact that they still need to buy apparel.
Further, fewer brick-and-mortar locations tend to suggest a company’s e-commerce capabilities are less robust than the Amazons of the world, and inventory is more limited, he said.
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