Nordstrom 2000 Annual Report Download - page 15

13
Cyan Mag Yelo Blk
20100444 Nordstrom
2001 Annual Report • 44pgs. + 4 covers pg. 13
8.375 x 10.875 • PDF • 150 lpi
Dear Customers, Shareholders and Employees,
The year 2001 represents a significant event in the history of Nordstrom. It was
100 years ago that my great-grandfather first opened the doors of a modest little
shoe store in Seattle. Reaching this milestone presents a fitting opportunity to
reflect upon the past and look toward the future. Everyone at Nordstrom is proud
of this company’s accomplishments over the last century, but we recognize that
our commitment to serving our customers must be renewed every day.
Our performance in 2000 did not meet our expectations, and chances are it
didn’t meet yours. In response, we have narrowed our focus to include the
following priorities:
• Achieving a balanced mix of merchandise, appropriately tailored by market,
to better serve our broad base of customers
• Utilizing information technology as a selling tool – in the form of a
perpetual inventory system – to help us offer not only the right merchandise,
but the right amount of merchandise, in every store
• Identifying efficiencies in back-of-the-house areas of our business to both
control costs and offer greater support to the selling floor
• Managing our growth – maintaining focus on our existing business while
capitalizing on favorable expansion opportunities
Some of these initiatives will have an impact on our business this year; some
will produce benefits realized over time. The bottom line: even in the face of
a changing economy, we are confident that by concentrating on doing what’s
right for our customers, we will also do what’s right for our shareholders.
We have many reasons to be optimistic — over 45,000 to be exact. After all,
our people continue to be our greatest asset. They are the ones who maintain
and build upon our reputation. They understand it is their business, their
customer, their legacy.
I am also enthusiastic about our executive team, which I am working with very
closely. Each of these individuals has experienced remarkable success as a leader
and mentor. They fully understand the importance of supporting those individuals
within the Company who are in direct contact with the customer, and giving them
the tools they need to be competitive and provide better service.
Our aim is not only to live up to, but to exceed, the extraordinary standards
that have been set, so that the next 100 years at Nordstrom will be no less
remarkable than the first. To achieve this, we will work to demonstrate, on
a daily basis, a level of service that will justify your ongoing goodwill and
support. Of course, we also welcome your input, which has always been key to
helping improve our business.
Sincerely,
Blake W. Nordstrom
President