Nordstrom 2002 Annual Report Download - page 13

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We opened eight full-line stores in 2002, the most we’ve ever opened in a single year,
in addition to four Nordstrom Racks and one Façonnable boutique. We also successfully
implemented a company-wide perpetual inventory system. While we believe that no
implementation is completely seamless when it comes to installing a roughly $200 million
information technology system, we were able to accomplish this within the established budget
and without a significant misstep. Although our perpetual inventory system is a wonderful tool,
it is not the all-encompassing answer. With this technology in place, the responsibility now lies
with Nordstrom employees, not the system, to make sure that ultimately our customers benefit
from our stores carrying more of the merchandise they are looking for. Our technology will
continue to improve in 2003 as we begin implementation of a new point-of-sale system,
which will enable our salespeople to be more efficient in sales transactions with customers.
Different trends and formats have created a stir within retail over the last few years,
from specialty stores in one period, to e-commerce in another, to discounters and increased
promotions more recently. Our challenge in 2003 and beyond is to be the best Nordstrom
we can be, which we believe is an increasingly attractive niche. While we have a platform
that is viable in multiple channels—full-line stores, Racks, Façonnable boutiques,
catalogs, Internet—we want to act as one company providing customers with a consistent
Nordstrom experience.
Thank you for your support of this company. We look forward to continuing to move in the right
direction in 2003 and we’re eager to demonstrate through our actions and results why you
should continue to be associated with Nordstrom.
John N. Nordstrom
Alison A. Winter
Bruce G. Willison
Stephanie M. Shern
D. Wayne Gittinger
Alfred E. Osborne Jr.
NORDSTROM INC. AND SUBSIDIARIES 11
For more information regarding these individuals, please turn to page 50.
Sincerely,
Blake W. Nordstrom
PRESIDENT