Nordstrom says its charity efforts will go further than competitors who team up with nonprofit groups for campaigns. And all proceeds from the rather expensive merchandise go to children’s charities, Nordstrom says.
In addition, there are no plans to make it a for-profit store, said Peter E. Nordstrom, executive vice president and president of merchandising at Nordstrom. But he added that the company remained committed to opening a department store in New York City.
The gift includes a 398-acre property in Warwick, Pa., worth about $14.8 million that will become a second campus for the Doylestown, Pa.-based college; a $10 million endowment to maintain the new campus and fund its academic programs and initiatives; and $5 million in unrestricted funds.