My thoughts were with crazyone and Janet.
First, why would I buy at Nordstrom when JCrew offers so many discounts if I buy from them directly? I can't imagine Nordstrom will match all of those (or be able to keep up with them all -- there is a sale every week).
Second, why would I buy at Nordstrom if it just becomes a clearing house of major mid-level brands that have their own stores? I'd like to see it doing more of the "Space: Emerging and Advanced Designer" stuff. Topshop is fun because that brand is not ubiquitous in the US, but it was the beginning of a slippery slope. Nordstrom seems to be in danger of becoming a mall.