Nordstrom Executive Summary
History
Nordstrom, Inc. is a publicly traded, high-end retail company that was founded in Seattle, Washington by two Swedish immigrants in 1901. The retail mogul started off as one shoe store but now operates over 360 stores throughout the country. Nordstrom has also expanded their portfolio to include shoes, clothing, handbags and accessories (Cohen, 2017). SWOT Analysis (MarketLine, 2017)
Strength
• Integrated multi-channel retailing platform facilitates a seamless shopping experience.
• Nordstrom Rack stores cater to the increasing base of price sensitive customers. Weakness
• Excessive dependence on California.
Opportunity Threat
• Growing prominence of the Hispanic population in the US.
• Catering to the growing millennial population. • Retail
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This retailing platform includes retail stores, e-commerce, mobile commerce and other social channels thereby meeting customer demands for retailers to be flexible to their preferences. Customers may browse the inventory online and pick up locally if the product is in stock or they have the option to have the product shipped to them from a Nordstrom fulfillment center (MarketLine, 2017).
Nordstrom Inc. introduced its first Nordstrom Rack outlet in 1973 as a means of clearing out old inventory at discount prices; the number of stores has grown to 197 as of March 2016 (2013). The discount outlet offers the same brands as the full-line stores and features clearance from these same stores. Nordstrom plans to grow the number of Nordstrom Rack outlets to 300 locations by 2020 (MarketLine, 2017).
Weaknesses: One of their weaknesses is their dependence on California. According to a MarketLine analysis, California has a rising unemployment rate of 5.2%, which is higher than the national rate of 4.7% (MarketLine, 2017). With rising unemployment rates, comes the decrease of discretionary expenditure. They’re combating this weakness by opening new Nordstrom Rack Outlet stores throughout the country and not only in
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Additionally, Nordstrom leads their competitors in online sales by generating 20.1% of their 2015 revenue from online sales compared to 3.4% and 2.8% from Target and Walmart respectively (Cohen, 2017). There is also the threat of the increasing labor costs which account for approximately 13.0% of the total industry’s revenue of last year. That is an increase of about a 1.7% increase from the years 2012 to 2017. (Cohen,
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