In more retail reinvention, Rent the Runway is installing drop-off boxes in four Nordstrom stores.
Rent the Runway, a popular style-booster for fashionistas who prefer renting rather than owning high-end clothing, says the four locations are an added convenience for those in a hurry to send their selections back. And for Nordstrom, which is placing the boxes primarily in its new Nordstrom Local stores, this offers another chance to shake up its conventional department-store offerings.
Rent the Runway, launched in 2009, crossed the $1 billion valuation mark earlier this year, and currently has five stand-alone stores. And it also recently announced a partnership with WeWork, offering drop-off bins in 19 WeWork locations.
Like many department stores, Nordstrom has been struggling with sales declines, as consumers increasingly turn to off-price and online shopping for apparel. In its most recent quarterly results, the Seattle-based chain says total sales fell 3.5%, which it blamed on softening loyalty, digital and merchandise trends, citing “executional misses.”