Don’t let anyone tell you otherwise, because America is already great again. What else can explain Nordstrom (NYSE: JWN) essentially reintroducing the Pet Rock and being able to sell out of them at a cost of only $85 each? If that doesn’t tell you boom times are here, then nothing will convince you.
Over the past year or more, the high-end department store was hurt by the wave of discounting that washed over the retail industry, causing rivals to invest heavily in off-price concepts, such as mid-tier department store peer Macy’s Backstage chain. Nordstrom itself began rolling out more of its own discount chain Nordstrom Rack while competition from e-commerce leader Amazon.com pressured its online presence. Its stock tumbled hard as a result.
But Nordstrom has been coming back strong since the spring as its aggressive cost-cutting initiatives took hold and it was able to show the market that it was still holding the line on its premium branding.
That was apparently enough to allow it to engage in a bit of folly by introducing a leather-wrapped rock for sale and charging a luxe price for it. No, seriously, Nordstrom offers a “Los Angeles-area stone” for sale that comes in a leather pouch.
Yet even the retailer has no idea what someone might want it for. “A paperweight? A conversation piece? A work of art? It’s up to you,” the product description intones, but it does have one review by customer banteron that gives it a five-star rating and describes the modern day Pet Rock in glowing terms: “Artistically, this product is inspiring. It reveals it’s beauty to those who observe, respect and adorn it with carefully chosen materials to enhance it’s surface. Rocks, like fond memories are to be passed on as a keepsakes for generations to come.” Hopefully that was written tongue in cheek.
While it’s uncertain just how many rocks Nordstrom dug up for this bizarre sale, it seems notable that they’ve sold out of them. However, for those saddened by its unavailability, you can still get your hands on a small bronze cloud painted white with a smiley face for only $1,200 each.
That alone should indicate good times are back, and Americans have money to burn. Is this a great country or what?
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