"We're not Amazon," Erik Nordstrom, a co-president of the Seattle-based retailer, told TheStreet at the opening of its first stand-alone men's store that opened on Thursday, April 12, in New York City.
"We're not the everything store. We don't try to carry the world's largest selection of everything. We're in fashion, and for us a big big part of fashion is discovery of newness."
Nordstrom is one of the traditional bricks-and-mortar retailers that has been successful in combining the physical with the online. "There's a big shift toward e-commerce," added Erik Nordstrom, who said the company's online business is the fastest-growing sector of its business.
Erik Nordstrom said customers look to his company for that "newness," such as "unique and up-and-coming designers. We have items they can't find anywhere else or not at a lot of places."
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Nordstrom, who shares the co-presidency with brothers Blake and Pete, was in New York for the opening of the men's store, located off Columbus Circle in New York City. The three-level 47,000-square-foot store offers everything from Balenciaga haute couture to Vans footwear. It also features two spots for food and drink and one each for a shoe shine and tailor services.
Next year, the company will debut a women's full-line store across the street.
Another difference between the two retailers is that Nordstrom is a brick-and-mortar store that's gone into e-commerce, whereas Amazon is an e-tailer, which is adding bricks-and-mortar stores, including some 470 Whole Foods locations when Amazon brought the high-end grocer last year for $13.4 billion.