According to a report on Business Insider today, Vancouver’s nomorerack.com is setting up shop in New York City. No word on whether their 30 employees will be going with them.
Nomorerack’s goal is to become the TJ Maxx of the web by cutting out all the middle men & overhead in between a household product and the consumer. They offer multiple items covering home, electronics, women, men and kids categories on deep discounts every day.
Nomorerack is currently selling 8,000 items a day, 5 items a minute, and already has 4.5 million subscribers and projects doing $100 million in revenue in the coming year.
So why are they moving to NYC? Three reasons according to co-founder Melina Ash:
1) Recruiting top talent: “The type of people they want to recruit and have in the company to reach the next level of growth are in New York City”.
2) NYC’s tech scene: “They see New York as the place to be if your an e-commerce start-up. The eco-system of brands, retailers, suppliers, wholesales, and designers cannot be found anywhere else outside of New York City. Add to that the rising tech scene, and you have a perfect place for commerce startups”.
3) International Growth: “As Nomorerack grows not just in the US and Canada, they see New York as an ideal launch pad for their international operations”.
Nomorerack has already leased 10,000 square feet of office space near Union. So if you’re looking for cool new space (see photo) for your growing startup in Vancouver, get on the phone with your commercial real estate agent now.
Update: Techvibes has been contacted by Nomorerack VP Vipesh Agarwal who confirmed that they are relocating their headquarters to NYC while “keeping their Vancouver team intact and building up an additional team in New York.”