BRuce Nordstrom, who as head of Nordstrom Inc. for four decades helped transform the family company from a regional shoe seller into one of the largest U.S. apparel retailers, has died. He was 90 years old.
The former company president died Saturday at his home, his sons Pete and Erik Nordstrom said in a statement. “Our father leaves a powerful legacy as a legendary business leader, a generous community citizen and a loyal friend,” they said.
Following his father’s career, he ran the company co-founded by his grandfather. When Nordstrom became president in 1963, he presided over a regional chain of shoe stores. Along with two cousins, James Nordstrom and John Nordstrom, he helped the Seattle-based retailer become a national department store chain known for its wide product selection, helpful customer service and a liberal return policy.
Bruce Nordstrom’s strategy focused, in part, on promoting customer loyalty by making stores customer-friendly environments. Instead of generic background music, pianists played real babies in many locations, dressing rooms were spacious, tired customers could rest in plush chairs, and sales staff were trained to be knowledgeable and polite. Department stores employed up to 50% more salespeople than competitors, reducing customer waiting times and increasing sales volume.
‘Future of retail’
“Every retailer in the United States has woken up to the Nordstrom threat and is scrambling to catch up,” said Leonard Lauder, who headed cosmetics maker Estée Lauder Cos., according to a 1989 report. New York Times article. “Nordstrom is the future of retail.”
In 2006, when Bruce Nordstrom retired as president, the company had $8.6 billion in revenue generated by full-line stores and Nordstrom Rack discount sites. In the company’s most recent fiscal year, it recorded sales of nearly $15 billion.
Management at Nordstrom has been a team effort from the beginning. Bruce Nordstrom and two cousins took control of the company in 1968 as co-presidents.
New management
The company’s strong growth was halted in the mid-1990s when Bruce Nordstrom stepped down and, for the first time, a management team made up of non-family members was installed. Revenue growth has been meager for several years as marketing efforts to attract younger buyers backfired, while costs rose and discounts increased.
In 2000, the board convinced him to return as president and named his son, Blake, as president. Two other sons, Pete and Erik, and their cousin, Jamie Nordstrom, were named senior executives, forming a fourth generation of family management. Blake died in January 2019.
The company continued to expand with its first Manhattan location, a men’s store on West 57th Street, in 2018. The following year, it opened a seven-story flagship store in Manhattan. The retailer’s largest website, it focuses on women’s and children’s clothing and includes several restaurants.
Erik and Pete Nordstrom, now the company’s CEO and president, respectively, said in April that they are undertaking an effort to take the retailer private.
Nordstrom was born on October 1, 1933, in Seattle. His parents were Libby and Everett Nordstrom, one of three Nordstrom brothers who took over their father’s Seattle shoe store in 1928. The company was co-founded in 1901 by John W. Nordstrom, a Swedish immigrant who started the company with U.S. $13,000 he had invested. prospected for gold in Alaska.
Company growth
Bruce Nordstrom joined the family business working in the warehouse for $7 a week, according to a 2010 University of Washington alumni magazine. history. He received a bachelor’s degree in economics from the school in 1955.
By the early 1960s, the retailer had grown from a single store in downtown Seattle to the largest independent shoe store chain in the country, with locations in Washington and Oregon. In 1963, with Bruce Nordstrom as its new president, the company acquired Seattle-based Best Apparel, a women’s clothing store, and named the combined stores Nordstrom Best. Several years later, he added clothing for men and children.
In 1971, the company went public, changing its name to Nordstrom Inc.
The Nordstrom family owned a majority stake in the Seattle Seahawks of the National Football League from 1974 to 1988.
With his first wife, the former Fran Wakeman, he had three sons: Peter, Erik and Blake. He later married the former Jeannie O’Roark.
This story originally appeared on Time.com read the full story
