It took only 12 years for the e-commerce business of the Seattle-based retailer to exceed $1 billion, a milestone that took the company 84 years to reach, according to Enrique Hernandez Jr., chairman of Nordstrom Inc. That growth is six times the rate of the company’s average growth over the course of its history, Hernandez told attendees at the company’s annual meeting in Seattle on Tuesday.
In addition to its full-line stores and the Rack off-price division, Nordstrom’s online presence includes HauteLook, a flash-sale site that it acquired in 2011. Hernandez said that component of the e-commerce business is “a very important part of our future.”
Another key component to the company’s future growth is its planned entry into the New York City market, he said. Last June, Nordstrom confirmed that it would open a full-line store in 2018 at 225 West 57th Street, between Broadway and Seventh Avenue near Columbus Circle. Hernandez said the 285,000-square-foot, seven-story store will be the first upscale department store to enter the market since the Great Depression.
In addition, Nordstrom is also preparing to make its first foray out of the U.S. by entering Canada with a mix of full-line and Rack stores that will “rival the highest presence Canadian stores,” Hernandez said. The plan, he said is to open “a couple dozen stores” in that country.
In answer to a shareholder’s question about expanding into other international markets such as Brazil, Blake Nordstrom, president, responded: “Until not long ago, we weren’t entertaining ideas for international growth.” But the proximity of Canada to its home base in Seattle and the fact that the company has 15,000 credit- card customers in that country prompted it to take the plunge. “If we do that right, it may open doors to other countries,” he said, adding that if it happens, it will be after New York City opens, around 2020.
Hernandez recapped some of the company’s successes [since current management took over in 2000], noting that men’s wear, cosmetics and direct sales all crossed the $1 billion mark, while sales at Rack stores and in shoes exceeded $2 billion. Nordstrom’s overall volume in 2012 was $11.8 billion.
At the meeting, the retailer singled out two vendors for its Partners in Excellence awards, Sam Edelman and Vince Camuto.
Nordstrom will release first-quarter earnings on Thursday.
@deciem is all about transparency and approachability. At this year’s WWD Digital Beauty Forum, the brand's co-CEO @nicolakilner said talking to customers directly about the ingredients in products and how they work is key. #wwdsummits #wwdbeauty
‘We didn't know how relevant our film would be when we were making it. When Steven [Rogers] wrote the script Trump wasn't president, class divide in America wasn't as evident as it is now, though it was present. The Time’s Up movement hadn't began and the way we look at women and treat women who speak out — thankfully that is something that seems to have shifted in the last year. I think we just need to continue making art that provokes the conversation and do what we can,’ said ‘I, Tonya’ actress @margotrobbie. Head to WWD.com to see all the celebrities who walked the red carpet @bafta #timesup #wwdeye (📸: Neil Hall)
Gemma Arterton is joined on the @bafta’s red carpet by Eileen Pullen and Gwen Davis, the two women who started the fight for the pay-gap. ‘They represent a normal person speaking out for what is right. Speak out, we will listen and anyone can speak out,’ said Arterton. #eebaftas #timesup #wwdeye (📸: David Fisher)
On the list of emerging designers to watch at London Fashion Week is @nabilnayal. The Syrian-Born and raised designer – who is known for his sculptural and dramatic designs with an Elizabethan era aesthetic – said he designs for a woman who is not afraid to challenge conventions. To see which other up-and-coming talents are joining the schedule this season, head to WWD.com. #wwdfashion #lfw (📷: @gomezdevillaboa)