In a King World News interview with long term investor Richard Russell and writer of The Dow Theory Letter, Russell stated:
"Interestingly, big box retailers are losing their middle class buyers, and it’s only the wealthy that are brightening their favorite retail stores, such as Tiffany and Nordstrom. The battered middle class are frequenting their favorite discounters, leaving their previous favorites such as Target, JC Penney and Best Buy wondering why their same store sales are fading. Again I advise subscribers to stay on the side and watch history unfold.”
Maybe, Nordstrom isn't immune. Nordstrom's has announced that it will be closing two Portland area schools; one in Lloyd Center and the other at Vancouver mall. The Lloyd Center store opened in 1960. I was 14. When I turned 15, I got my work permit and was hired first as a stockboy at Thom McAn. Soon I was selling shoes while in high school, buying my own clothes and flowers for my dates. Sometime later, I sold shoes at Nordstrom's which was just across the aisle-way from Best's.
I was shocked to hear this news. Nordstrom's says the two stores are not meeting their financial targets and will be closed in 2015. What a shame for Lloyd Center. This move will leave a big hole at one end of the mall.
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