July 25, 2016
Partner Ron Friedman discussed the challenge facing Nordstrom to position itself for a rebound with the Los Angeles Times.
By James F. Peltz
In mid-August of last year, warning signs at the Seattle headquarters of Nordstrom Inc. first became apparent.
Up to that point, the upscale apparel retailer, with $14 billion in annual sales, had enjoyed several years of steady sales growth and expansion. Its stock had climbed to a record high of about $80 a share.
Friedman said the “millennials' shopping habits are completely different from the baby boomers'" who traditionally shopped at a Nordstrom store. "Nordstrom is finally getting caught up in it.”"