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Nordstrom Strategic Audit

In: Business and Management

Submitted By pmbrlw
Words 1281
Pages 6
Executive Summary
Introduction
History of Nordstrom, Inc.

NAICS: 448140
SIC: 5651
Ticker: JWN
Current Stock Price: 62.45

In 1887, 16-year old John W. Nordstrom emigrated from Sweden with the promise of New York City, five dollars and not a word of English to his name. The first couple of years were hard for John but he made a living working in mines and logging camps while crossing the country to reach Washington State. One morning in 1897, he picked up a newspaper with the headline “Gold Found in the Klondike in Alaska”; he immediately made the decision to pick up and leave for Alaska and bought his ticket the next day. Even though things were not easy, John worked and within two years, earned $13,000 from a gold-mine stake. John returned to Seattle ready to invest his money. He reunited with Carl Wallin, a friend he had met in Alaska who owned a shoe-repair shop in Seattle. In 1901, they opened Wallin & Nordstrom, a small shoe store located in downtown Seattle. This was the beginning of the Nordstrom, Inc. Company. From the start, John's approach to business was to provide exceptional service, selection, quality and value. 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. Carl Wallin retired a year later and also sold his share to the Nordstrom sons. John's third son, Lloyd, joined the team in 1933. 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. With the purchase of a Portland, Oregon, fashion retailer three years later, Nordstrom now offered Northwest customers a selection of shoes and apparel under the new name Nordstrom Best. Men's and children's wear were added in 1966; business prospered and two new Washington stores followed soon after.
In 1968 the three Nordstrom brothers handed the company over to the third generation: Everett's son Bruce, Elmer's sons James and John, Lloyd's son-in-law Jack, and family friend Bob Bender. Going public in 1971, the company was formally renamed Nordstrom, Inc. Two years later, annual sales surpassed $100 million and the company was recognized as the largest-volume fashion specialty store on the West Coast. In 1973, the first Nordstrom Rack opened in Seattle as a clearance outlet for the full-line stores, and by 1975 the company had expanded into Alaska. Three years later, Nordstrom entered the competitive California market and by 1988 had opened its first East Coast store in Virginia.
Today, a fourth generation of the Nordstrom family, along with an executive team, helms the company in partnership with a talented team of innovators and fashion leaders. From one tiny shoe store, Nordstrom has grown into a fashion specialty chain with global reach. It offers an unparalleled selection of shoes, clothing and accessories and an extensive range of services to make shopping fun and convenient. In 2011, the company achieved an all-time record for total net sales at $10.5 billion. Nordstrom currently operates a total of 263 stores located in 35 states, with 117 full-line stores, 143 Nordstrom Racks, two Jeffrey boutiques and one clearance store. Looking ahead, the company plans to open three new full-line stores in 2014, followed by the opening of its first Manhattan store in 2018. Nordstrom expects to reach a total of 230 Rack stores by 2016. Plans are under way to open Nordstrom's first full-line stores in Canada at premier shopping centers in Calgary, Ottawa, Toronto and Vancouver.
Current Organizational Challenges
Strategy Formulation
Vision and Mission Statements
Most strategists agree that the vision and mission statements are important reminders of an organization’s purpose and where the organization is planning to go. The company’s vision statement has been, “At Nordstrom we value the richness that diversity brings to our workforce- it makes our company better and the communities we serve stronger” and it’s mission statement, “It is Nordstrom’s mission to offer the customer the best possible service, selection, quality and value.” These statements convey to the consumer that customer satisfaction is a high priority and that it holds a responsibility to positively contribute to the communities in which it does business.
Current Situation Evaluation

External Audit
The Competition
Nordstrom is currently classified as a family clothing store and competes with the likes of Macy’s, Neiman Marcus, and Saks Fifth Avenue, and Dillard’s.
Economic Impact
Retail companies suffer greatly
Social-Cultural-Demographic Factors
Nordstrom has had the privilege of being welcomed into communities across the country. They do their best to listen and learn from the diverse customers they serve to ensure that they’re responding to the needs of all their customers and reflecting them through their marketing, advertising and community relations efforts. Nordstrom is committed to producing catalogs and advertisements that include diverse models that represent the many customers they serve. They have an important responsibility to support the communities that support them. They make contributions to both regional and national diversity and inclusion nonprofit organizations. In addition to cash contributions, their giving also takes place in the form of volunteering. Nordstrom employees serve on advisory boards and donate their time to volunteer with local and national groups. In addition to other ongoing efforts, they celebrate Black History Month in February, Asian-Pacific American Heritage Month in May, Pride Month in June and Hispanic Heritage Month in September. While they recognize these months in different ways each year, their goal is always to encourage their employees and customers to recognize and celebrate the richness that diversity and culture bring to their communities.

Political-Legal-Governmental Forces
For the most part, Nordstrom does not see much legal action. The current suits against them include failing to pay their employees of California a standard hourly rate for non-sales tasks including stocking shelves and pre-opening and post-closing tasks at Nordstrom stores. Also, they are
Environmental Influences
Nordstrom always strives to offer their customers the best possible service and products when they visit our stores. They also make every effort to run an ethical business where people want to work and shop. They've made this a priority since they began as a single shoe store in Seattle and continue to do so today. Their employees and customers have told them that they expect Nordstrom to be a company that incorporates social responsibility across all aspects of our business and into everything they do. Therefore, they work hard to reduce their environmental impact, contribute to the communities they serve, and provide meaningful and rewarding opportunities and support for their employees. Their commitment to running a socially and environmentally responsible company is something they take pride in ensuring every day through their actions and philosophy. When it comes to their corporate responsibility efforts at Nordstrom, they hold themselves accountable by setting goals and demonstrating their progress toward meeting those goals. This allows them to recognize their accomplishments, and to identify opportunities for continuous improvement. Some aspects that we strive to improve the environment with are recycling, transportation, paper & packaging, energy, water, human rights, natural and organic food offerings, and community support. For the most part, in 2012, they have reached their goals with a few minor setbacks.

Technological Changes
Trends
EFE Matrix
CPM Matrix

Strategy Implementation

Strategy Evaluation and Control

Conclusion

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