Tesla To Open A Gallery At Nordstrom

Tesla To Open A Gallery At Nordstrom
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Tesla is leaving no stone unturned in its efforts to get as close as possible to potential customers. On Saturday, the electric car maker will open a 400-square-foot gallery at the Nordstrom located in the Grove in Los Angeles — one of the country’s most lucrative malls.

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Tesla teams up with Nordstrom

Tesla operates more than a dozen other galleries around the U.S., and this new gallery — located in the men’s department on the first floor of Nordstrom — will feature Tesla’s Model X electric SUV. Consumers will finally be able to see the electric car’s various trim and interior options. In addition, they can go on a demonstration drive with Tesla employees.

A Tesla spokeswoman said, “The Nordstrom shopper embodies a lifestyle that parallels that of many Tesla owners — people who are forward-thinking, savvy, and curious to explore the latest and best trends.”

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Presently, the electric car making giant is working on obtaining a sales license for this location, allowing it not only to demonstrate its cars but also sell them, said the spokeswoman. This partnership is the first of its kind for Tesla.

Nordstrom spokesman Dan Evan said the partnership is another way for Nordstrom to bring innovation into its stores. Evan said they are investing in a lot of ways to make their stores even more compelling, and, “We hope customers want to visit our stores because we always have something new.”

A smart move

Tesla’s space at the Grove, which is around 400 square-feet, is significantly smaller than its typical gallery location measuring between 2,000 and 4,000 square-feet. The EV firm has not declared any other plans regarding a potential partnership with more Nordstrom stores or other retailers.

Tesla has a history of opening locations in wealthy communities and high-end malls. The electric car maker lists about 100 U.S. galleries and stores on its website. The EV firm showcases its vehicles through its gallery concept, but sales are not completed on-site. In states like Texas, where direct sales are not allowed, the site helps the electric car maker have a presence.

Nevertheless, this partnership with Nordstrom is a smart move as recently CEO Elon Musk surprised investors with his plans to sell 500,000 vehicles. The EV firm has only 215 storefronts worldwide, so the automaker needs to expand its infrastructure for selling and delivering cars to potential buyers.

On Tuesday, Tesla shares closed down 1.34% at $214.96. Year to date, the stock is down almost 10%, while in the last year, it is down by over 14%.

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com
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