Timeline of Nordstrom
This is a timeline of Nordstrom, a clothing retailing company.
Big picture
| Time period | Key developments at Nordstrom |
|---|---|
| 1901–1928 | First generation of Nordstrom leadership under John W. Nordstrom. |
| 1928–1968 | Second generation of Nordstrom leadership under Everett Nordstrom and brothers. Nordstrom expands out of Seattle into Portland. Nordstrom moves beyond shoes into general apparel. |
| 1968–1995 | Third generation of Nordstrom leadership under Bruce Nordstrom and brothers. Nordstrom goes public and grows into 61 full-line stores and 20 clearance and off-price stores. It expands into California, the East Coast, and the rest of the nation. |
| 1995–2000 | The third generation steps down and John J. Whitacre takes over as leader. This was described as a "failed experiment", where Nordstrom suffers through a crisis of confidence. |
| 2000–2016 | Bruce Nordstrom takes back leadership and retires in 2006. Blake Nordstrom becomes the first fourth-generation Nordstrom to lead the company. Nordstrom expands to the Internet and acquires Façonnable, Trunk Club, and Haute Look. By 2010, Nordstrom reaches record sales of 9.31 billion and its fastest-ever inventory turns—5.56 per year. Its shares grow by 120% from 2009-2014.[1][2] |
Full timeline
| Year | Event type | Details |
|---|---|---|
| 1901 | Company | Nordstrom is founded by John W. Nordstrom as Wallin & Nordstrom, a shoe store, at Fourth Avenue and Pike Street.[2] |
| 1923 | Expansion | Nordstrom opens up its second store in the University District [2] |
| 1928 | Team | John W. Nordstrom retires and sells his shares to two of his sons, Everett Nordstrom and Elmer Nordstrom (the 2nd generation of chairmen, who would stay for 40 years).[2] |
| 1930 | Company | The remodeled Second Avenue has its grand opening and the company is renamed to Nordstrom. |
| 1950 | Expansion | Nordstrom expands out of Seattle by creating its first store in Portland.[3] |
| 1963 | Product | Nordstrom ventures into the women's apparel market with its purchase of Best Apparel of Seattle.[4] |
| 1968 | Team | All three brothers retire, letting the third generation take over (Everett's son, Bruce Nordstrom; Elmer's sons, James and John; Lloyd's son-in-law, Jack McMillan, along with family friend Bob Bender).[3] |
| 1971 | Company | Nordstrom is taken public on NASDAQ under the ticker NOBE (Nordstrom Best).[4] |
| 1973 | Company | The first Nordstrom Rack opens in Seattle as a clearance outlet for its full-line stores.[4] |
| 1975 | Expansion | Nordstrom expands into Alaska (the only time by acquisition) by purchasing Northern Commercial Company and opened its first Nordstrom Rack clearance store in Seattle.[3] |
| 1976 | Company | Nordstrom opens a series of stores called Place Two to sell a more limited selection of apparel in smaller markets. |
| 1978 | Expansion | Nordstrom expands to California with a 127,000-square-foot, three-level store at South Coast Plaza.[3] |
| 1988 | Expansion | Nordstrom expands to the East Coast (starting in Virginia).[3] |
| 1991 | Company | Nordstrom FSB (a federally chartered savings bank doing business as Nordstrom Bank) is founded. |
| 1993 | Company | Nordstrom expands into direct sales by beginning its catalog division.[3] |
| 1995 | Team | The third generation of cochairmen decide to step down. |
| 1997 | Team | John Whitacre steps in as the first CEO outside of the Nordstrom family.[5] |
| 1998 | Company | Nordstrom replaces its downtown Seattle store with a new flagship location in the former Frederick & Nelson building across the street. |
| 2000 | Team | John J. Whitacre is replaced and Bruce Nordstrom returns to co-chairman. |
| 2000 | Company | Nordstrom launches the $40 million “Reinvent Yourself” campaign, but acknowledges that this campaign is a mistake when provocative ads and too-edgy fashions in its main stores rankled some longtime shoppers.[6] |
| 2000 | Expansion | Nordstrom expands into Florida by opening its first southernmost store at Town Center at Boca Raton, despite Miami having being luxury market for years. |
| 2000 | Acquisitions | Nordstrom acquires Façonnable, an international high-end men's and women's tailor, and keeps the acquisition until 2007.[4] |
| 2002 | Company | Nordstrom begins rolling out a state-of-the-art merchandising system, letting it shift from tallying sales by hand to monitoring sales minute by minute at its stores around the country.[7] |
| 2006 | Team | Bruce Nordstrom retires and Enrique "Rick" Hernandez Jr., a Nordstrom board member since 1997, takes on the role of chairman.[8] |
| 2011 | Acquisitions | Nordstrom acquires Hautelook and enters the online private sale market.[4] |
| 2014 | Acquisitions | Nordstrom acquires Trunk Club, a personalized clothing service.[4] |
| 2014 | Expansion | Nordstrom opens its first full-line store in Canada in Calgary.[4] |
References
- ↑ "Nordstrom's Business Strategy Is Working - Business Insider". Businessinsider.com. Retrieved July 1, 2016.
- 1 2 3 4 "Seattle History: Nordstrom through the years - Seattle's Big Blog". Blog.seattlepi.com. Retrieved July 1, 2016.
- 1 2 3 4 5 6 Robert Spector; Patrick D. McCarthy (7 February 2012). The Nordstrom Way to Customer Service Excellence: The Handbook For Becoming the "Nordstrom" of Your Industry. John Wiley & Sons. ISBN 978-1-118-23653-6.
- 1 2 3 4 5 6 7 "Nordstrom History". Shop.nordstrom.com. Retrieved July 1, 2016.
- ↑ Frey, Christine (November 20, 2002). "John Whitacre, former Nordstrom CEO, was a team player". Seattle Post-Intelligencer. Retrieved September 24, 2013.
- ↑ "There Will Soon Be Way More Nordstrom Racks Than Regular Nordstrom Stores - BuzzFeed News". Retrieved July 1, 2016.
- ↑ "Nordstrom Regains Its Luster". The Wall Street Journal. Retrieved July 1, 2016.
- ↑ Earnest, Leslie (24 May 2006). "Nordstrom Goes Outside the Family". Los Angeles Times. Retrieved 5 October 2012.
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