Store of the Future

The classic department store model hasn’t aged well. Online shopping has stolen department stores’ thunder, to say the least, better delivering on their defining factor of a variety of brands, conveniently sold in one place. To evolve, 118-year-old Nordstrom is largely following the go-to playbook of many heritage companies. It’s teaming with young indie, often digitally native brands to tap their unjaded expertise in a valuable skill, usually that of appealing to a target market. Beauty companies like Estée Lauder and L’Oréal are investing in and acquiring such brands; Nordstrom, meanwhile, is hiring the minds behind them and putting their concepts on its sales floors -- no fashion focus required.