Newsflash Nordstrom…adults living in their parents basements are not your target market. You may want to re-think your decision to drop Ivanka’s line and focus on working, productive Americans who can actually afford your merchandise…
UPDATE: Nordstrom stock closed up slightly today, after taking a hit yesterday following President Trump’s tweet.
President Trump tweeted about Nordstrom dumping his daughter’s brand today and the company is seeing an immediate, negative market reaction.
Nordstrom and its outlet store, Nordstrom Rack, announced last week that they were dumping Ivanka’s line of shoes and accessories because of poor sales—and likely pressure from liberal boycotters who made Nordstrom a top target in their anti-Trump actions.
Here is his tweet:
My daughter Ivanka has been treated so unfairly by @Nordstrom. She is a great person — always pushing me to do the right thing! Terrible!
— Donald J. Trump (@realDonaldTrump) February 8, 2017
And here are a few tweets from women who are saying they’re finished with Nordstrom:
If Nordstrom's want to get involved in politics, then I will do my part as well. Nordstrom card in pieces now.
— JAZ (@zfamilymn) February 8, 2017
And then there was this public service tweeter who actually offered Twitter users a phone number to call to cancel customer credit cards:
# to call to Cancel Nordstrom credit card: 800.964.1800
— Tweetheart 🇺🇸 (@tweetheart2019) February 9, 2017
While Trump’s missive caused, as usual, a wave of outraged responses on Twitter, it also hit Nordstrom in the pocketbook. As soon as Trump Tweeted, shares of Nordstrom stock took a dive.
This might be the last thing Nordstrom needs: its stock had remained steady most of 2016, but took a 14% hit in December on news that department stores had a rough holiday season.
But the Seattle-based luxury retailer isn’t alone in suffering the “Trump effect.” A number of companies, including Boeing, Carrier and even Amazon have suffered the same result after Donald Trump took to social media to complain about their business models or product prices. –Heat Street