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Nordstrom history
Nordstrom company history timeline
The Retail segment includes ‘Nordstrom’ full-line stores, off-price ‘Nordstrom Rack’ stores, jeffrey boutiques and a clearance store that operates under the name ‘Last Chance’. It also offers brand name and private label merchandise focused on apparel, shoes, cosmetics and accessories. It was founded by John W. Nordstrom in 1901 and is headquartered in Seattle, WA.“
By 1905 annual sales increased to $80,000.
The idea resonated with a devoted customer base, and in 1923 the partners added a second store.
In 1928, John retired and sold his share of the company to his sons Everett and Elmer.
1929: Wallin retires and also sells his shares to the Nordstrom sons.
In 1930 the shoe stores were renamed Nordstrom's.
In 1930, despite the onset of the Great Depression, the two stores made $250,000 in sales.
In 1946, Wallin & Nordstrom was incorporated as Nordstrom, Inc., and in the decades following World War II, the Nordstroms built their company and it thrived.
In 1950 the Nordstroms opened two new shoe stores: one in Portland, Oregon, and one in a Seattle suburb.
Then, in 1957, Nordstrom expanded to Oregon and it was a regional matter.
By 1960, the downtown Seattle shoe shop had become the largest shoe store in the country, and the company, now with eight locations in Washington and Oregon, was the largest independent shoe chain in the United States.
Looking for new ways to spread its wings, Nordstrom ventured into the women’s clothing market with the purchase of Seattle-based Best Apparel in 1963.
In 1966 the company acquired a Portland retail fashion outlet, Nicholas Ungar, and merged it with the Nordstrom shoe store in Portland.
In 1967, when annual sales had reached $40 million, the chain’s name was changed to Nordstrom Best.
In 1967, the company changed its name to Nordstrom Best and, at about this time, also began selling men's and children's clothing.
Shares of the company’s stock were offered to the public for the first time on July 29, 1971.
In 1971 Nordstrom earned $3.5 million on sales of $80 million.
Going public in 1971, the company was formally renamed Nordstrom, Inc.
1973: Company changes its name to Nordstrom, Inc.; first Nordstrom Rack opens.
In 1973 when sales first topped $100 million, the company changed its name to Nordstrom, Inc.
Annual sales reached $130 million in 1974 and the following year, the company acquired three stores in Alaska.
By 1975, the company had expanded into Alaska, and the first Nordstrom Rack was opened in Seattle as a clearance center for merchandise from the full-line stores.
By 1977 Nordstrom operated 24 stores, which generated sales of $246 million.
In 1978 Nordstrom opened an outlet in Orange County, California, and that year, sales reached almost $300 million and the company netted $13.5 million in earnings.
By 1980 Nordstrom was the third-largest specialty retailer in the country, ranking behind only Saks Fifth Avenue and Lord & Taylor.
In 1982 Nordstrom established Nordstrom Rack as its third division, now consisting of a string of outlet stores.
In 1982 Nordstrom launched a third division, Nordstrom Rack—a string of outlet stores that the firm used to move old inventories at discount prices.
By 1985, Nordstrom surpassed the sales of Saks Fifth Avenue in New York to become the largest specialty store chain in the country.
In 1986, when the firm operated 53 stores in six western states, Nordstrom began to turn its sights to the East.
In 1987 the firm reaped profits of $92.7 million on sales of $1.92 billion.
Three years later, Nordstrom entered the competitive California market and by 1988 had opened its first East Coast store in Virginia.
Together they convinced customers to buy $2.3 billion worth of goods in 1988, and earned profits of $123 million for the corporation.
In 1989 Nordstrom opened a second store in the Washington, D.C, area—in the Pentagon City Mall.
In 1989, when the company won the National Retail Merchants Association’s Gold Medal, Nordstrom had become a paragon of retailing success.
Throughout its existence, shoes accounted for a good deal of the firm’s sales—about 18 percent in 1989.
In 1989 a group of unionized employees complained that they were not being compensated for performing company-required, extra services for customers.
In February of 1990, after a three-month investigation, the Washington State Department of Labor & Industries alleged that the company had systematically violated state laws by failing to pay employees for a variety of duties, such as delivering merchandise and doing inventory work.
Falum, Susan C., “At Nordstrom Stores, Service Comes First—But at a Big Price,” Wall Street Journal, February 20, 1990.
In September 1990, Nordstrom, then a 61-store company, announced it would cut costs by 3 to 12 percent and laid off some personnel.
In September 1990, Nordstrom launched its first store in the metropolitan New York area, in Paramus, New Jersey.
In September of 1990, Nordstrom, then a 61-store company, announced it would cut costs by 3% to 12% and laid off some personnel.
In September of 1990, Nordstrom opened its first store in the metropolitan New York area, in Paramus, New Jersey.
In September 1990, the company announced it would trim costs by 3 to 12 percent and it promptly laid off personnel.
In 1990 women's apparel and accessories accounted for 59 percent of Nordstrom's total sales; men's apparel accounted for 16 percent; and shoes—still a company mainstay—constituted 19 percent of all sales.
In April 1991 Nordstrom debuted its first Midwest store--in Oak Brook, Illinois, a Chicago suburb.
In April of 1991 Nordstrom opened its 64th store—and first Midwest store—in Oak Brook, Illinois, a Chicago suburb.
In April 1991 Nordstrom debuted its first Midwest store—in Oak Brook, Illinois, a Chicago suburb.
The two had started dating in 1993 and had seen each other on and off for about seven years.
In 1994 Nordstrom launched its first catalog, "Nordstrom, The Catalogue," entering the $9 billion direct-mail portion of the women's apparel industry.
In March 1995, after a contentious campaign pitting downtown advocates against neighborhood activists, voters approved the reopening of Pine Street.
In 1995 a new information system was installed, along with a new system for personnel, payroll, and benefits processing.
1995: The third-generation Nordstrom managers retire; non-family-member John Whitacre becomes chairman, while six fourth-generation family members become copresidents.
Perhaps the most significant transition took place in the management arena late in 1995, when Nordstrom's four cochairmen—Bruce, James, and John Nordstrom and John McMillan—retired.
From those origins, the family-owned enterprise expanded into a 90-outlet, 18-state chain, which tallied $4.11 billion in sales in 1995.
The company had been selling shoes online since 1996, and like Nordstromshoes.com, it was an Internet spin-off of its brick-and-mortar parent company, the shoe-store chain Gerler & Son, based in Seattle, Washington.
In 1996, the company opened stores in the Philadelphia, Dallas, Denver, and Detroit areas.
mcdowell, jeanne, stacy perman, and jane van tassel. "business: losing its luster despite exquisite service nordstrom has suffered a profit slump. can the tony retailing chain get the magic back?" time, 24 march 1997.
Nonetheless, in 1997 Nordstrom rallied, with net earnings reaching $186 million.
Officers: John J. Whitacre, Chmn., 45, 1997 pay $350,000; Blake W. Nordstrom, 37, Co-Pres.; Erik B. Nordstrom, 34, Co-Pres.; J. Daniel Nordstrom, 35, Co-Pres.; James A. Nordstrom, 36, Co-Pres.; Peter E. Nordstrom, 35, Co-Pres.; William E. Nordstrom, 34, Co-Pres.
In 1998 Nordstrom expanded its six-year-old catalog business and ventured onto the Internet.
A new downtown Nordstrom’s opened in the old Frederick & Nelson building in 1998.
Lohrer, Robert. "Nordstrom Announces Major Online Initiative." Daily News Record, August 25, 1999.
Although the new site offered a selection of shoes for women, men, and children, the campaign, titled "Make Room for Shoes," targeted women, who were most likely to be passionate about footwear. It began in November 1999, ran for 60 days, and included television spots, billboards in selected markets, and print ads in fashion, business, and entertainment magazines.
According to Forbes magazine, Internet and catalog shoe shopping was a $2 billion business in 1999.
Following the launch of its website in 1998 the company reported that Internet sales, along with catalog purchases, accounted for $200 million of the company's $5 billion in overall sales. Based on the success of shoe sales through its website, in 1999 the company launched Nordstromshoes.com.
"Zappos.com Offers the Largest Selection of Men's and Women's Shoes On-Line." PR Newswire, April 4, 2000.
Nordstrom also reported that its July 2000 online sales increased 700 percent compared to the same period the previous year.
By July 2000, one year after its launch, Zappos.com was named the highest-ranking footwear e-tailer by PC Data Online, ahead of Nordstromshoes.com.
Also in 2000, Nordstrom acquired Façonnable S.A. for about $170 million, gaining full control of the Façonnable brand and the 53 Façonnable boutiques located around the world, mainly in Europe.
In the first quarter of 2001 Nordstrom reported that its profits had dipped 24 percent and that same-store sales had fallen 3.7 percent.
In 2001, a former employee and ex-girlfriend of Peter’s filed a lawsuit claiming that he had harassed her.
Some analysts considered technology to be the key component, particularly a new state-of-the-art merchandising system, which began to be rolled out in 2002.
From those origins, the family-run enterprise expanded into a 180-outlet, 27-state chain, which tallied $6.49 billion in sales in 2003.
Nordstrom, Inc. is now one of the nation's leading fashion retailers, with 149 stores in 27 states as of 2004, and more opening every year.
In 2005 the company purchased a majority interest in Jeffrey, two luxury fashion boutiques in Atlanta and New York City’s Meatpacking District.
In 2011, the company achieved an all-time record for total net sales at $10.5 billion.
In 2012, Nordstrom became the only major United States retailer to sell a broad assortment from the renowned British fashion brands Topshop and Topman.
In 2012, Nordstrom announced that it would open a flagship store in New York City.
Chris Wanlass, 43, will run the New York market, which along with the new store includes the men’s store that opened in 2018 and the Locals. (New York’s Nordstrom Racks — the company’s discount stores — will be run separately.) Mr.
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Nordstrom competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Gap Inc. | 1969 | $15.1B | 117,000 | 48 |
| Dillard's | 1938 | $6.6B | 40,000 | 20 |
| American Eagle Outfitters | 1977 | $5.3B | 37,000 | 1,228 |
| Aeropostale | 1987 | $1.8B | 21,007 | 713 |
| Forever 21 | 1984 | $4.0B | 30,000 | 37 |
| Kohl's | 1962 | $16.2B | 110,000 | 1,268 |
| JCPenney | 1902 | $11.2B | 60,000 | 5,012 |
| Anthropologie | 1992 | $5.6B | 5,012 | 2 |
| The TJX Companies | 1987 | $56.4B | 270,000 | 5,138 |
| Chico's FAS | 1983 | $2.1B | 18,500 | 2,026 |
Nordstrom history FAQs
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Nordstrom may also be known as or be related to NORDSTROM INC, Nordstrom, Nordstrom Inc, Nordstrom, Inc. and Wallin & Nordstrom (1901–1967) Nordstrom Best (1967–1973).