1. Nordstrom did experience a turnaround over the next three years. Its sales and stock prices had risen measurably by 2004, which allowed Blake to turn his attention once again to expanding the chain into new locations. Blake attributed his success to his policy of listening to and supporting his sales force rather than ordering them to perform. "We believe in an inverted pyramid where management is on the bottom and salespeople and customers are on the top," he told Women's Wear Daily (March 15, 2002).
2. As the 21st century dawned, Nordstrom was in trouble. Its sales had slowed down and its stock prices had declined. Nordstrom's board of directors even considered merging with another retailer or selling the company. Although some managers and salespeople were pleased by the return of Nordstrom family members to executive positions, others wondered whether Blake had sufficient experience at the age of 39 to handle the job of president. Blake and his father assured the analysts, however, that they were carefully reviewing every aspect of the business and were determined to make it profitable once again. When Blake assumed the presidency, he was quoted as saying, "My name's on the door. Every penny I have is in Nordstrom stock" ( Puget Sound Business Journal , September 29, 2000).
3. CEO of Nordstrom
4. Nationality: American. Born: 1961, in Washington. Education: University of Washington, 1982. Family: Son of Bruce Nordstrom (chairman of Nordstrom, Incorporated).
5. Mr. Blake W. Nordstrom has been the President of Nordstrom Inc. since August 2000 and also serves as its Principal Executive Officer. Mr. Nordstrom is an Officer of Nordstrom Inc. since 1991. He has been employed by Nordstrom Inc. since June 1976. From February 2000 to August 2000, he served as an Executive Vice President and President of Nordstrom Rack. Prior to that, he served as the Co-President responsible for credit, community relations, operations, shoes and Nordstrom Rack business units from June 1995 to February 2000 and as Vice President and General Manager of Washington/Alaska since 1991. He began his career working in the stockroom of the downtown Seattle store in the 1970s. Mr. Nordstrom has been a Director of Nordstrom Inc. since 2005 and Nordstrom Credit Inc since 2007. Mr. Nordstrom serves as a Director Federal Reserve Bank of San Francisco. He serves as a Director of The Jim Pattison Group, Inc. He has been on the board of directors for the Downtown Seattle Association since 1992. He served as a Director of Whole Foods Market Inc. from June 2011 to March 9, 2012. He served as a Director of Reserve Bank of San Francisco's Seattle Branch from 2004 to 2006.
6. “I believe that we are the sum of our experiences,” Nordstrom said. “So taking classes at the University of Washington or the summer job you might have, all those things help you. So as you step out of school, I think that’s the kind of way to look at it appropriately.” From his time at the University of Washington to his rise to the helm of the Nordstrom company, Blake has gained a lot of wisdom and experience. He can look back on his days in the stockroom at Nordstrom and as a student at the UW as more than a means to a car and a degree, but also, a means to his career and life.
7. Blake Nordstrom addressing customer service as a key component to making your business succeed.
8. When Blake Nordstrom took the helm of Nordstrom, Incorporated in the summer of 2000, he represented the fourth generation of the Nordstrom family to run the Seattle-based department store chain. Blake had grown up with the company, and some employees and analysts thought that it was only natural for him to eventually lead it. When he became president, however, Nordstrom was struggling with sagging sales and lowered stock prices. Blake launched an aggressive new strategy that introduced newer computer technology for tracking sales and inventory while reviving the company's longstanding commitment to customer service. Within four years he had not only improved Nordstrom's profitability but had also made plans for expansion.
9. Blake Nordstrom was the great-grandson of John W. Nordstrom, a Swedish immigrant who invested the $13,000 he'd made from a gold mine stake in a Seattle shoe store that eventually grew into a nationwide chain of department stores. Even though Blake was a member of the Nordstrom family, however, he did not receive preferential treatment. He worked in the stockroom of the shoe department in Nordstrom's flagship Seattle store at the age of 13, along with several other Nordstrom children. Blake swept the floor and restocked merchandise.
10. By working hard at the lower levels of the company's hierarchy, Blake rose quickly through the ranks from salesman and buyer to merchandise manager and store manager. In 1991 he was named vice president and general manager of Nordstrom's Washington and Alaska region. Four years later he shared the position of president with five other family members—a management experiment in dividing responsibilities. Blake then became president of the Rack Group—a discount store unit—in February 2000, when Nordstrom was reorganized into five separate units. Blake succeeded in raising the sales of the Rack Group by nearly 20 percent within the first few months of his presidency.
11. As Blake finished up school at the University of Washington, tragedy struck the Nordstrom family, forcing him to pause and evaluate his life. “My mom passed away at a young age. I had just gotten out of school, Pete was out of school and Eric was a senior in college when she died of cancer, and I think that when something tragic happens like that, you go through that kind self-evaluation: ‘Did I say the right things, do the right things, would I do anything differently if I were to pass away?’” Nordstrom said. “It’s pretty easy to look at your life through a microscope and say, ‘I wish I would have been nicer to someone, or I could have made this decision better,’ but I think you have to kind of give your best effort going into it, learn from it, and try not to repeat it, and move forward. Otherwise, I think it makes the journey of your life not as satisfying.”
