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Nordstrom's Business model
Transcript of Nordstrom's Business model
Nordstrom's Business Segments
Two reportable segments: Retail and Credit
First thing to your mind when someone says Nordstrom? Of course Customer service. BAIT.
AND the cafe Bistro or ebar. It's so nice of Nordstrom to have all these things here when I shop.
Follow the money
Women's apparel + Shoes + Women's Accessories + Cosmetics = 78% Net Sales!
Employment and Culture
Nordstrom's famous Employee Handbook
We’re glad to have you with our Company. Our number one goal is to provide outstanding customer service. Set both your personal and professional goals high. We have great confidence in your ability to achieve them.
Nordstrom Rules: Rule #1: Use best judgment in all situations. There will be no additional rules.
Please feel free to ask your department manager, store manager, or division general manager any question at any time.
Biggest ROI: Bought Vendors
Control the source, control the price,
Recently Bought E-Vendors include: Bonobos, HauteLook, and Etsy
But sell sell sell because you get commission and if something is returned, it comes out of your commission.
...so they can keep you there to keep shopping...
And what ever items that we don't sell goes to....
"Come for the Customer Service and stay for the higher margin items we have from vendors that we own." Perhaps their loss leader is all those other assortment of vendors that they don't own i.e. Coach, Louis Vuitton, etc. etc. And then buy all of our brand names with awesome margins!
What's your point?!?!?!!
A consistent experience of excellent Customer Service
But that is really just "Nordstrom Rack" stuff ..
Another brand for a different segment of the market as not to interrupt the regular "Nordstrom" brand name.
So after my hopefully informative presentation, what does Nordstrom's Business Model look like now?