One of my favorite department stores (more for service than anything) has major plans to expand. Nordstrom is poising itself to be your answer to great customer service at a mall near you.
"We are in a very
strong niche right now," said Blake Nordstrom, president of the
98-store fashion specialty chain to WWD. Nordstrom cited various financial milestones reached last
year, such as sales, gross profit, stock price and earnings before
taxes. He also mentioned Moody’s and Standard & Poor’s pecking
orders for retailers in terms of credit ratings. "Only Wal-Mart and
Target are ahead of us," said Nordstrom.
The company plans to
add at least 26 stores in the next five years, and executives said more
store openings could be added. Existing stores also are being
aggressively remodeled, with $100 million targeted to revamp seven
stores annually, Nordstrom said.
Total sales in
2006 were up 10.8% for an annual record of $8.6 billion. While retail basics such as
tight management of inventory and improved technology are boosting the
bottom line, Nordstrom cited customer demand for more and diverse
fashions as key to the business flourishing. In addition, Nordstrom
said the company has been able to take advantage of market openings for
demand in fashion created by the consolidation of competitors, among
other changes in the industry.
Read the full story: "Expansion, Remodelings at Top of Nordstrom Agenda" by Joanna Ramey