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In 1973, the company opened its first store in Seattle as a clearance outlet full-line store. [3] The first Nordstrom Rack location was in the basement of a downtown Seattle Nordstrom store. Its website was launched in February 2014 by HauteLook , which was acquired by Nordstrom in 2011. [ 4 ]
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Off-price retailers are independent of manufacturers and buy large volumes of branded goods directly from them. The off-price retail model relies on the purchase of over-produced, or excess, branded goods at a lower price, thus being able to sell to consumers at a discount compared to other stores which purchased an initial run.
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Following a buy-out by private equity group ECI Partners in 2004 the company’s identity changed to MandM Direct in order to reflect their move into selling fashion and lifestyle brands. [ 6 ] In 2007 US private equity group, TA Associates completed major investment and the logistics operation moved to new warehousing in Herefordshire.
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