Nordstrom, the Seattle-based department store popular in malls and shopping centers across the country, closed an experimental shop in New York City that donated all profits to charities.
Nordstrom opened Treasure & Bond in 2011, signing a two-year lease for a two-story, 11,000-square-foot space at 350 W. Broadway in SoHo. The concept store aimed to give away 100 percent of the profits to charities benefiting New York City youth. Among the organizations that were to benefit were the Edible Schoolyard NYC and the Association to Benefit Children (ABC). Items sold in the store included everything from clothes to jewelry.
An Edible Schoolyard NYC spokeswoman declined to disclose the specific amount received from Treasure & Bond but, in an e-mail to The NonProfit Times said: “We continue to be very appreciative of Treasure and Bond’s support and we are sorry to hear of their closing.”
A spokeswoman for ABC said the organization received $13,000 in total from Treasure & Bond, all of which came on the stores opening night. ABC was especially chosen for that night as the organization was honoring long-time volunteer Jamie Davidson, who now sits on the nonprofit’s board of directors.
Kendall Ault, a spokeswoman for Nordstrom, explained that the decision to close Treasure & Bond was “a difficult one” but it ultimately came down to practicality. “We were proud of our efforts but our two-year lease was over at the end of this month and with the rent increasing, we couldn’t justify staying,” she said.
With Treasure and Bond donating all of its profits, Ault said Nordstrom made a business decision to move on from the endeavor. There was some consideration to moving the location but she emphasized the store was always meant to be an “experiment,” not a long-term initiative.
The store’s final day open to the public was Aug. 23 and Nordstrom will be completely moved out of the location by the end of the month. Profits from all items sold on the last day would still go to charities, Ault said. In all, the store raised over $200,00 for charities in the two years it was open.