Nordstrom, Inc. (NYSE: JWN) is a department store chain in the United States. Initially
a shoe retailer, the company today also sells clothing, accessories, handbags,
jewelry, cosmetics, fragrances, and in some locations, home furnishings.
It competes at a slightly lower price level than that of, Neiman Marcus, Saks
Fifth Avenue, and at a slightly higher price level than Lord and Taylor. The corporate
headquarters and the flagship store are located in Downtown Seattle, Washington.
Nordstrom
was founded as a single shoe store in 1901 as Wallin
& Nordstrom by John W. Nordstrom, a Swedish immigrant, and Carl Wallin, the
owner of a Seattle shoe repair shop. Twenty-two years later, a second shoe store
was opened.
In 1928, John W. Nordstrom retired and sold his shares
to two of his sons, Everett and Elmer (according to the book The Nordstrom Way).
In 1929, Wallin retired and sold his remaining shares to the two Nordstrom
sons. Lloyd Nordstrom joined the company in 1933.
Thirty-one years
later, Nordstrom expanded to eight stores in two states but still only sold shoes.
Apparel came with its purchase of Best Apparel of Seattle in 1963. The company's
name was changed to Nordstrom Best in 1969.
Two years later the
company was taken public. (It currently trades on the New York Stock Exchange
under the ticker symbol JWN.) In 1973, "Best" was dropped from the company's name. |
