35 Burst results for "Nordstrom"
How to Find Inspiration in Doubt
"Hello and welcome to another episode of the duct tape marketing podcast. This is John Jansen, my guest today is Carol. She is the founder and CEO of hint water a flavored water brand she founded in two thousand and five. He's also the author of a new book called. Daunted overcoming doubts and doubters. So thanks for joining me. Thanks for having me. So in your bio I, read that you were one of the I don't know about original. You've spent some time at AOL. My father-in-law still hasn't AOL account and he thinks he's he thinks it's the Internet that AOL's. That's I I met. So my real question though is, do you still have any of those CD's? You. Know what I do have a couple of the CD is that I kept and I have a few. AOL Jackets Memorabilia that I stuck in a plastic bin. For. can't can't throw that away I. Mean it was a great time. I mean it it's a you know it's sort of an iconic brand that really Steve Case. Bill Right. There were a lot of people there and I played a part in building out the e commerce and You know there were a lot of people that basically felt like. Was the only place to shop. I mean, we were kind of a very enclosed safe place where you could go and You know I really fortunate opportunity to help build out I always viewed it as like a virtual mall and so I would I would like actually. Study Mall's people would ask like, how do you not like bring in Lake J. crew and into. Building out the small and I'm like I go down to the Stanford Mall and actually figure out what other stores are sitting there. Do you know Neiman Marcus and Nordstrom's and some of the others and and that's essentially what we were doing and A community for people. It's funny too because and and we'll get look into the book but I think it's fascinating because it was really it was really a closed place originally got AOL and it wasn't the same as getting to a website that you could. Then just you know punt go somewhere else for a long time it was a very much a contained. As. You said, yeah, and it was also a place for brands to really reinvent themselves I. Mean I remember there was this one catalogue company that we were dealing with called celebration fantastic and pretty small catalogue and and They weren't doing great on the service I mean they were up against like some big guys they weren't getting the promotion. So I remember Valentine's Day rolled around round one day and You know they had this product that was like a chocolate sauce and and they were like we have this idea that we want to do one of your pop ups, those pop-ups screens come. and. They and they called it a better than sex chocolate entrepreneur and and you know people went crazy over it and and so I think it was like it was the first place where you know you could really reinvent yourself in this new channel by showcasing certain products that you have and I mean their sales just off of that product were millions of dollars and just it was absolutely insane but it was really the first place where I saw that you could build brands you know in a non traditional way which you know frankly I go back to our business, my my main business hint. My my day job, you know we fifty five percent of our business is direct to consumer and a world where Soda Is. You know that's just not the way that. Are Sold I mean if anything if they are sold online, it's through an Amazon but it's not through their own site and so I think it's it just little examples like that on my journey make me believe and make me think like how can we just do things? How can we try and how can we do things a little bit different and ultimately better. So today hint comes in twenty players if people aren't familiar with it sparkling and caffeinated. It's a non alcoholic beverage, one of the maybe the largest independent non alcoholic beverage in the world hundred. This is estimated I haven't looked at your books, a hundred and forty million dollars or so in yearly sales, two hundred employees and no famous investors involved in the company, right? That's ten today. Did you start hint to solve a problem or disrupted industry. a little bit of both. Actually you know it's I think back on the journey and you know I call myself an accidental entrepreneur because I wasn't a typical. I'M GONNA go and work for myself or I'm going to be an entrepreneur one day My Dad had actually kind of been frustrated entrepreneur and side a large company He had developed a brand that you may know called healthy choice and inside of Armor Food Company, and then ultimately they were acquired by Conagra but I i. so I had a little bit of learning working for him but I think also when I. Had grown up and tack and in many ways and being at AOL before I decided to start this company and while I, was. Really trying to solve a health problem for myself after I had had three children I wanted to lose the baby weight that I had put on and. Develop terrible adult acne I realized after looking at everything that I was putting all the food I was putting into my body that there's diet. Soda was had more ingredients in it than like I mean I I I talk about it now as I. Cared more about what I put in my car than what I put into my own body and I thought like why is that and a whole story around labels like Diet and you know there's low fat and vitamins and things like that that equated to health in my head but you weren't alone in that address. After switching from my Diet Soda over to Plain. Water, I two and a half weeks lost twenty four pounds got rid of my acne God my energy back and I said Gosh, there's just like a lot of people who are trying to figure out obviously how to get healthier and it's not. Right and and. Like if they could just actually enjoy water again, then they you know we might not have the brand new thing that cropped up about the time I was starting hint type, two diabetes you know things that are. Really. Dangerous chronic right and I thought they need to ultimately enjoy water maybe they need to do other things but that's a first step and so that's when I. Recognize that I didn't like water I aspired to be a water drinker and I start slicing bruton throwing in water and that's when. You know I thought I'm not even sure this is a company I think it's like A. I I don't know I think it's a product I'd worked for companies before right and so when I decided to take this product to whole foods and my local whole foods in San Francisco friends were would come over my house and I tell them. You know it started this little thing I wasn't even calling in a company and they're like that's so cool that you start a company I'm like is it a company? I don't know if it's a company like I have three skews like I'm not sure it's actually a company. But. That's when I really realized that I'm starting something that could actually help bigger range of people get healthier disrupted industry that doesn't care about health back. Then there was nobody calling companies mission driven I was mission driven from day one because I really wanted to help a lot of other people.
The Obviously-Going-To-Die Stocks
"We're going to start with the stock of the day. Don't call it a comeback bed bath and beyond has been here for years. It's just all that time someone else was running the company but now that Mark Trittin has been in the Corner Office for about a year. We're seeing days like today second quarter profits came in exponentially higher than expected. Same store sales were positive for the first time in four years. The stock is up more than thirty percent this morning. I'm assuming at least part of what we're seeing with the stock is some shortsellers saying that's it. I. Think. I'm. Probably. Bed, bath, and congratulations to march written and Beth by best buy bed bath and beyond. For this quarter, March, written formerly of target, of course, and a few other places before that, I think Nordstrom's and I believe. He had a stint at Nike to could be misquoting. This bed bath and beyond is in a group of companies retailers that I like to call the obvious obviously going to die crowd. And the funny thing about companies that are obviously going to die when they get the right mix of management decision making and in some help from the environment and you know just a little bit of because no one's more aware of a company's struggles at least no one should be more aware of a company struggles then the people inside the company. And that's when you plan your strategy. What are our tools? How can we navigate our way through whatever we found ourselves in business is not easy and certainly for this group retailers that I'm Gonna I'm GONNA hold up. Bed Bath and beyond as one Chris. But you know how about Game Stop Game Stop. The seller of video game systems and Software that of course is going to be the next blockbuster. Right if they writing that headline since two thousand and nine, how `Bout Michael's the craft store everybody knows I. Y has an Amazon run over. And the granddaddy of all of these. Companies that are obviously going to fail. They're obviously going to be taken bricks and mortar is dead is best buy which just before the podcast we were talking about how? How many listeners? Realize, that best buy has been at ten bagger over the past decade they went through some struggles they brought in new management. WHO had a plan? and. I'm sure they were mocked and I'm sure people were skeptical and they executed on that plan and best buy, which was a sub twelve dollar stock in. Two Thousand Ten two thousand eleven is today roughly one hundred twenty dollars stock. And so when you see. I'm a kick myself a little bit on dust by iron best buy bed bath and beyond his too many bees. Bed Bath and beyond. I actually did a little bit of work about a year ago as I was discussing with one of our with one of our foolish coworkers. About this basket of Taylor's who are sure to die. And we had this one. We had game stop we have Michael on the docket and I went through you know what this company's history of cash flow was and what they've done with it and how they've raise capital, and this is before Mr Trenton came on but I. It laid the groundwork for someone with. A better vision to come in and knocked the ball out of the park which you've seen today and and best bed bath, and beyond is as we speak it's now a six th bagger since March of this year and so in the a roughly a year ago when I did my work because I was vigorously debating co I pointed out that in the previous six years here was bed bath and beyond had produced four point two, billion dollars in free cash flow. They had also issued one point five billion dollars in debt and debated smart about the debt because the debts. Basically staggered I think is a ten twenty and thirty years. and. They have to pay it back anytime soon, and they had gone on a massive buyback program. They've they've retired a ton of their shares. Now. Slowly melting ice cube no one's going to want to own this business what have you. But at the time the stock was about ten eleven dollars the company is training but four times enterprise value of free cash flow. that. That is rock bottom fools that is something that is going to go away. That's what the market is telling you. Flash, forward, to today and oh positive cops. Oh. We have a plant. They've they've suspended their dividend they've they've halted their. They've halted their. They suspended the dividend halted their share buyback plan I believe in. April. But with this. With this. report, they have generated a ton of cash flow. They've deployed it smartly they took down some temporary which they had out as part of the PARCO vid. They have bought back twenty percent of that long dated not in any danger to come calling debt they bought that back at a discount. Which is brilliant. They. So they're down to their down net debt down by about thirty percent from where they started the year. They have a store optimization program, which is something that a lot of these retailers the slowly melting ice cube crowd will call them. They are reducing their store count 'cause they don't need it because they can move to ECOMMERCE, which they've done a little bit they can move to. The geography is able he served by less stores and you see a lot of. Traffic that previously went through one store transitions to another and. They are steal a Ron grosses them here they are firing on all cylinders and I'm not sure. Anyone. Thought is coming. I am I am both thrilled that they are doing this they're having success because everyone loves a comeback. I'm less thrilled that you own it and I don't. But. That's mainly because I had this in my hand a year ago Chris and I'm holding it up. The skull of York. And and I'm looking at it and I didn't at least put a little field position because as I said, at the time training for four times free cash flow that is close to no-brainer territory for me. So two other quick data points before we go to our next story. Not. Surprisingly digital sales of big driver this quarter. That goes hand in hand with the store closures so Another smart move by Trittin and his team. And also Happy to see that they're you know suspending the dividend that they're. Suspending the sticking with the we're not going to buy back shares. I'm also happy to see they're not offering guidance. Their New Orleans. No need to at this point. Let's move on the third quarter sales, for Pepsi, grew five percent and. Kind of like we saw three months ago snacks and some of the beverages particularly the Seltzer. Part of their portfolio helping to make up for the fact that somebody restaurants are closed. So many sports and entertainment venues are closed and. That's that's the stock is basically flat and this kind of flat for all of twenty twenty but. Nice to see that the the salty snack part of the business is making up for the sort of the tried and true Pepsi part of the business. Gilead household particularly the soon to be sixteen year. Old Member of the Gillies household has been doing his part to. To to help with the salty snacks portion and shareholders. Thank him. Yeah I was GONNA? Say. You know dude. There are other food groups other than Doritos. Look it was a perfectly acceptable boring quarter from a perfectly acceptable boring company and and I think you know Chris but maybe some of the listeners not know. For, me to call a company perfectly boring from for me. That's a compliment because I like businesses that are boring. Not Terribly exciting person myself I enjoy. Investments in companies that just actually do what we expect them to do, and essentially just get it done quarter after quarter. Pepsi is not GonNa. You know if you'RE LOOKING FOR PEPSI TO BE A. Ten bagger. You know anytime soon like the aforementioned by we mentioned earlier. That's not gonNA happen. They are just a steady bedrock performer for your portfolio and we all need a few of those. So we can go after the more exciting things in our portfolio. Yes. So it was it was A. It was a boring it was a boring quarter but boring is nice because boring boring says, oh, we end up four four plus percent on. Organic revenue growth total revenue growth went up five plus percent. EPS Is up ten percent year-over-year just for the quarter. It's still down for year to date, but of course, Mindy Stan why because the previous quarter? Cova. no-one no-one was new what was going on? So we kind forgive that. They are they're pointing towards the full year. They did give guidance their point point to a full year of approximately four percent revenue growth approximately five fifty core earnings. Stocks at about one hundred, forty bucks. So it's not cheap. But it's not terribly expensive, and again, this is one of those widows and orphans stocks. You can buy put it away and we'll see you when you retire. Hugh Johnston, who's the CFO at Pepsi? Granular on CNBC this morning talking about because when you think about all of the food and beverages they have across their portfolio he got granular talking about the new cheetos macaroni and cheese saying you know they're trying to keep up with demand as a fan of both cheetahs and macaroni and cheese I haven't tried it yet but I can see why it's popular. Any. Do they give any color on the? Two. Portals that they were direct to consumer sites that they launched earlier this year snacks dot com and Pantry shop dot com. Sadly, Chris they did not at least in the conference call or the press the presser maybe in the ten Q I haven't read the ten q yet obviously but. Yeah no snacks dot com I can confirm both of those sites are open and accepting offers as of this moment. SNACKS DOT COM and Pantry shop I think is an interesting one because they are. You know you are buying your you're you're buying all of your Pepsi Slash quaker products. Simultaneously in in in the various groups. So if you want your everyday Pantry, you want to get your your oatmeal and your healthy. Your healthy Chia bars and your rice cakes do people still eat rice cakes and if so why? You can get all those delivered at the same time or your snack package your breakfast package You know it's it's interesting to to have it delivered. I I'M NOT A. I I'm one of the three people in North America is still doing own grocery shopping. So I'm probably target here but I know a lot about the people how to use it and I think probably if I let my as I mentioned a sixteen year old note that this thing existed. It might be his only source of nourishment. So yeah, don't don't. On, the first time I went to that website I kind of went crazy to the point where in the box showed up to two days later even my kids were just like. This is a lot of snacks and was like, yeah I may have ordered too many but but I regret nothing. Playboy. Enterprises is returning to the public markets after nearly a decade and because I was are out of fashion, playboy is going to be doing this through a speck. Mountain Crest acquisition is a current special purpose acquisition company that is going to be taking playboy public through a reverse merger and wants to deal is done that company where the ticker is MC. ABC? Is. The playboy name and the ticker symbol P L B Y? I guess I, I saw this story and I thought, okay I'd that's one way for playboy, which is a private company and has been since twenty eleven. I. Guess That's one way to raise money. I, I, I'm hard pressed though to think that. The second round of playboy being a public company is going to go any better for the company and for investors than it did the first time around. That was my initial take as well, and you say it's one way to raise money I'd say it's one way for insiders to cash out. Tomato Tomato. The more I think about this though. I could be spectacularly wrong and it wouldn't be the first time. This might be quite this might be interesting I can see. I can see a number of thing, and I just find this interesting from a number of re. I as you point out. Yes, playboy. Is private the SPEC the Special Purpose Acquisition Company Mountain Crest Acquisition, company. It's out there. Now it's got. It's a walking wallet got a bunch of cash their stocks over ten dollars specs go at ten bucks. There's nothing you can. You can go buy today Chris if you want. And You can just sit there and wait until the transaction is completed in q one. If. You WANNA own playboy. So, playboy today is not playboy of the past for thing, magazines have died. So, there are no issues of the iconic famous magazine. These no regularly published issues and I believe they went to quarterly publishing versus. Monthly publishing before that. So what playboy is trying to be or this new iteration trying to be a licensing company and they're calling it across four major categories they're saying sexual wellness, which I'm just going to skip to the next one, which is style and apparel which is. Apparel. and accessories for men and women globally gaming and lifestyle also digital gaming hospitality and spirits. So you can get yourself some playboy-branded Bourbon. And beauty and grooming, which is fragrance skin care grooming cosmetics for men and women. Okay. That sounds interesting. They're not a publishing company more avoiding that and I guess they have a bunch of online stuff as well which. Tell people they can go look on their spare time but. They are calling themselves a streamlined high growth business. The company has four hundred million in cash flow contract through the next eighteen years. and has products available for sale and in ten thousand major retail stores. In the US, this is a brandon company. Now, now, what you think of the brand and what you associate with the brand, the iconic a bunny ears brand, of course. Is Is. is going to be probably a nuanced and varied. I can understand why some people. Would not want to do with this brand I completely understand that is not. Bend the most shall we say progressive brand in history? It has fostered some. Attitudes, particularly women that. I think it's fair to say some would find distasteful and I I completely understand why? And for those people, they're just not going to be shareholders and that's that's fine. But what I find interesting about this if this, if the licensing deal and we have, we've already had a certain dry run of this in. Do you know the magazine Maxim? It was. So it's a men's lifestyle magazine, girly pictures, and whatever it was bought by an entity called big holdings. I'm going to say eight nine years ago. With the goal of they went into change it from the the lad magazine into more of a lifestyle brand licensing deal what playboys doing. Now. I mentioned earlier it's important to have You know leaders businesses, you respect and trust big lorry holdings is not one of those businesses but I do know that they even though they're circulation sales are down significantly there they have turned that profitable on a small scale with the licensing strategy. I suspect the playboy will do a better job. And It will depend on the valuation coming out but you know when analogy I might throw up as. As a comparison is. Franchising businesses in the in the restaurant space. So a restaurant brands international, which owns importance and Burger King. Dunkin brands, which of course owns your beloved Dunkin donuts. Those are those are check cashing businesses, they they sell the franchise to a Franchisee. And then take tax six percent of their gross sales and royalties every month plus x percent for advertising they sell you a system and so those are very asset light cash-rich capital Genita- businesses. And part of me wonders here it's obviously not the same as selling. Coffee and whatever. But part of me wonders if that is what this business will look like, and if they are truly in the growth business and the cash generation business, this might be an interesting opportunity. And you just hit on what I think is the most interesting thing to watch. Once it becomes a public entity again, the high growth aspect of this because now we're going to see Now, we're GONNA see through quarterly reports. Okay. Are you growing? Because that's one of those things where we investors and the market in general get to decide what we consider to be high growth And I again I had I had your initial take which was. Oh please. Like if it didn't work the first time. It's going to work less well this time. The more I read about like. I'M GONNA keep an eye on this. Curiosity. Jim Gillies always talking to you. Thanks for being here.
Nobody wears fur any more
"It's time to talk business. Now, with Dana Thomas, who's the paris-based? All of fashion operas the price of fast fashion and the future of closed Dan. Thanks so much for joining us. I must tell you that I have a relative who works in fashion and a little while ago. She very generously I thought started gifting me all these beautiful firs which she said she wasn't going to wear again I now understand why nobody's wearing her. Nobody's wearing for it took pita the people for Africo treatment of animals what thirty years to get this message through the heads of fashion industry players. But it seems like they're finally getting with the getting on board and they're slowing down or or banning. Nordstrom the. The American Department Store Big Department Store one of the few that. Actually is not completely shattered by the pandemic they managed to pull through Is Giving up selling furry will not be selling for I don't think for was a huge part of Nordstrom business. Nordstrom is a very middle market, suburban shopping mall kind of department store. So the for that they would sell would have been like the trim on your Parka or a little trim on a cough as opposed to a mink you wouldn't go to Nordstrom to buy a full length mink coat, but nevertheless there there disavowing vote as has macy's and Chanel a lot of brands have finally given up on it. I don't know what this is doing for the for instance, which is powerful and big industry and the for industry has made. Big Advances in over the years because of the pressure from Petah to make sure that that the whole. Farming, side of it was as humane as possible given you know in the end, you're killing animals for to wear clothing. You know more more humane certainly than the industrial agriculture side for cowhide for our handbags. But you know nevertheless, it seems like you know when they banned fog is in certain states. In the United States, this band for first serves feels like the same we're going to ban for not that anyone's really wearing it right now or that any can. Really afford it right now because they've all lost their shirts during the pandemic, but it's a good idea and maybe we should do it. So they're doing it and I think we're going to see a lot less than the streets but I mean all does and you point out that the house bill shoes I mean we're not talking about banning leather shoes. But you know. Gucci famously put out. mink trimmed Mules Apple seasons ago when I said Rubel Kelly took over the house and they were really popular. I remember seeing a woman on an airplane and I thought wow, that's really decadent. and. It feels really calm. It looks like it's probably really comfortable for an airplane to you WanNa you WanNa, wear something cushy on your feet. Right? I thought that is so decorated it feels like Louis Kettles and we won't be seeing at least being sold at Nordstrom. We won't be seeing those shoes anymore more. Then, and we don't have a lot of time but a very quick look at where we are in this case between tiffany and lvmh. Well, tiffany has decided to countersue. So I mean everyone's suing everybody else and it's it's just back and forth and back and forth tiffany says it did not experienced a managed material adverse effect during the pandemic and that basically lvmh trying to get a better deal, which is what we all believe it is and it says the lvmh's specious arguments are yet another blatant attempt to evade its contractual obligation to pay the agreed upon price for Tiffany and you know they're go to just fight this and see what happens I'm I'm interested to see how this plays out absolutely tiffany needs a sale and Wants it. Somebody's going to figure out the middle ground now? Why does tiffany need to sail? It's it's been in play for some time and it's it's kind of an a stuck place. They redid the store somewhat in New York. But it it a point where it needs to grow change or evolve at. It's kind of stuck an lvmh with its synergies and it's and it's specially it's retail network but also its whole marketing department everything would really give the brand a boost in a way that would take it to a new place tiffany's sort of motoring along but not great. Yeah. That's why it's been. The object of you know it's been. Looked at as a possible takeover lvmh just going to swoop in and buy a bowl the stock, and they still just may do that
17 companies pledge to add a Black director to their boards within 1 year
"Of companies including United Airlines. Nordstrom and Zillow are launching a new effort to accelerate diversity efforts in corporate America for some that includes a pledge to at least one blackboard director. Our reporter and steel has more after the killing of George Floyd and others. This summer at this sort of national reckoning that we're having with race issues is making a lot of companies look at themselves and examine the diversity or in many cases the lack. Thereof in their Tom Breaks a lot of this is coming from employees to executives say they're hearing from employees who say they wanna see diversity at the executive and board level so that people of Color and folks from underrepresented communities can see a path for career advancement and see people like themselves in these leadership positions. So nationally, we're having these conversations and companies are starting to realize that racial diversity is a blind spot for many of them.
Aleksei Navalny Out of a Coma and Responsive, German Doctors Say
"Poisoned Russian opposition leader Alexey Navales condition has improved allowing doctors to take him out of an induced coma. The German hospital treating him said, Monday Navan any of high profile critic of Russian President Vladimir Putin was flown to Germany last month after falling ill on August twentieth on a domestic flight in Russia. German chemical weapons experts say tests show the forty, four year old was poisoned with the Soviet era nerve agent prompting the German government last week to demand that Russia investigate the case. The patient has been removed from his medically induced coma and is being weaned off mechanical ventilation. Sherry t hospital said in a statement. He is responding to verbal stimuli. It remains to early to gauge the potential long-term effects off his severe poisoning. It added that the decision to publicly released details of his condition was made in consultation with Navales wife. Nirvana had been in an induced coma and the Berlin hospital since he was flown to Germany on August twenty seconds for treatment news of his gradual recovery came as German Chancellor Angela Merkel's office indicated that she might be willing to rethink the fate of a controversial German Russian gas pipeline project a sign of Berlin growing frustration over Moscow's stonewalling about the case. German authorities said last week that tends showed proof without doubt that Nevada any was poisoned with a chemical nerve agent from the Nova Chalk group British authorities identified the Soviet Era Nova Chuck as the poison used on former Russian spy Sergei script. Paul and his daughter in England in two thousand eighteen. Russia. has denied the Kremlin was involved in poisoning. All knee and accused Germany failing to provide evidence about the poisoning that it requested in late. August. German. Foreign Minister Heiko Moss said Sunday that the Russian reaction could determine whether Germany changes its long-standing backing for the Nord Stream two pipeline which brings Russian gas to Germany under the Baltic Sea bypassing Ukraine. The chancellor also believes that it's wrong to rule anything out MERCKEL spokesman Stephane. Siebert told reporters Monday after being asked about mosses comments. Previously Merckel had insisted on decoupling the of all case from the pipeline project which the US strongly opposes in August three US Republican senators threatened sanctions against the operator of a Baltic. Seaport located in Merkel's parliamentary constituency for its role as a staging post for ships involved in building Nordstrom to Siebert caution that it was premature to expect Moscow response to the matter within a few days. But made it clear that Berlin wants answers soon? I can't express a clear time-limited station except that we are certainly not talking about months or the end of the year he said. German diplomats rejected the Russian suggestion that Berlin was to blame for any delay in investigating the case noting that navalny was I treated for suspected poisoning in the Siberian city of. On August twentieth. All evidence witnesses, traces, and so forth are in the place where the crime was committed presumably somewhere in Siberia said German Foreign Ministry spokesman Christopher Burger. The CO leader of Germany's opposition Green Party Robert Habat called on the government to take a stronger stance and buried the pipeline. The project divide Europe it is economically nonsensical and oversized, and it is wrong in security policy terms harbut said. Completing it would mean that Russia can do what it wants. This signal must not be sad. Mikhail Lubinov. The Russian envoy international organizations in Vienna voiced suspicions about the timing of demands to link the pipeline with an ovonic. Ace. Suspicious Coincidence Nevada case and the final stage of Nord Stream two construction which some states desperately wants to be closed I am not fond of conspiracy theories, but it is obvious that the tragic events with the Volney are very timely and helpful for opponents of Ns to he tweeted.
Nordstrom's 2Q sales down 53% hurt by pandemic fallout
"The pandemic fallout pushed Nordstrom's sales down 53% in the latest quarter lockdowns robbed the retailer of half of its operating days when compared to the same quarter a year earlier. And this is a worrisome sign online sales declined, apparently due to the delay of Nordstrom's typical summer sale from July to August
Nordstrom's 2Q sales down 53% hurt by pandemic fallout
"Flow during the second quarter failed to ease the sting of a deep sales dropped at Nordstrom. Sales fell 53% from last year is the pandemic robbed the chain of about half of its operating days. Nordstrom is lower in late trading, salesforce
Drinking is Expensive
"Hi Everyone. Welcome to recovery happy hour where we talk about life beyond the bottle and what happens after we stopped drinking I'm your host Tricia and in almost four years of not drinking I've saved over twenty grand. That's enough money to buy either a used Honda civic or two, thousand, two, hundred and twenty four packages a frozen meatballs from Ikea. Thank you for joining me. Guys drinking is expensive and that's the topic of today's introduction. Drinking is expensive. I, have a tracker APP on my phone that tells me how much money I've saved by not spending money on alcohol and today it says twenty, thousand, three, hundred and seventy dollars. But I think that number is actually a estimate and that it could be closer to about twenty six thousand dollars, which is just nuts. So a little back story when I quit drinking also owned business that I had just put a bunch of money into to expand our kitchen space that we were in. That's actually one of the reasons why I got sober because I was about to take on this huge project and I knew that I wouldn't survive if I kept drinking the way that I was drinking. So I started getting into recovery and spent my first full year learning how to not drink. I ignored a lot of the rest of my life. You know I, let my debt continue to build without. Really thinking that much about it. I kept working on business and I learned how to be sober. That was my number one priority in after your one when not drinking was my new normal I poked my head out of the sand and I realized that even as someone who considered myself as a highly functioning alcoholic and fairly responsible I had neglected some major areas of my life, my finances being number one. This is also a reason why I think that year two of sobriety is sometimes harder than the first year because usually have to do a lot of cleanup. The new shiny feeling of early sobriety wears off and you got to learn how to just live your life now. So I continued to work my ass off on a business try to be financially responsible but by year three of sobriety I realized I was on the way to needing to close my business. There are a lot of reasons behind that. That aren't super important to get into. But what is important is that closing a business especially one that you can't sell it takes a lot of difficult decisions to do. It is responsibly as possible when it comes to finances. So in between consumer debt and business debt, I have been plugging away at this giant number for close to four years now. I've had a second job for almost two years I changed careers late twenty nineteen. I lived with my parents for a little while which had its own set of challenges. But still is an opportunity that I was incredibly grateful for. And I closed my business at the end of last year I started a new job and I continued to chip away at the debt. You know thinking back when I was drinking wasn't just about what I was spending on booze. It was also about what I was spending money on when I was drunk Nordstrom. Saw Me at my worst. Also, what I was spending my money on to help myself feel better when I was hung over again Nordstrom saw me at my worst and I have the designer shoes election approve it. It was the things purchased online in a blackout. It was all the Times I said August this round when I, was happy hour with my friends blissfully ignoring the fact that I couldn't afford that next round it was the last hours spent being hung over not being able to be a productive human being you know not working not coming up with new ideas not contributing to the world. I. Dug myself into debt financially. And emotionally and physically and spiritually I mean. Alcohol puts you into debt in more ways than you ever realize I was basically in the red in always possible. But as of this past weekend. I in finally debt free. I paid off my last payment on my credit card. My business is behind me a completely closed chapter financially, and as an unmarried woman who lives in my single income household. This feels like a really big deal that I've worked incredibly hard for. But. I wouldn't be anywhere close to where I am now how they not stopped drinking.
COVID-19 and E-Commerce Changing Retailers' Real Estate
"Like Nordstrom and Nike. We're focusing on the digital space before Kobe 19. But now companies are taking an even closer look at physical versus online shopping really reevaluate their realize. You know how much is too much in terms of your count? How efficiently were stores running before the pandemic? Mentel retail analyst Alexis to Solve a Caylor Take Microsoft. It closed its 83 stores in March. As of the virus. Now the software maker decided to keep them shut permanently and focus on digital instead to solve a
Girl, 15, wounded in Braintree mall shootout near Boston
"Are under arrest. After a shooting at a Braintree mall yesterday were a 15 year old girl was shot. W. B C TV's Christine erects with more police and SWAT rushed to the mall, placing it on lock down with hundreds of shoppers inside on authentication amongst two groups inside the plaza. The shots came from right outside Nordstrom in the malls, hallway. Police say two groups were in a fight. Then two men in their twenties fired about six shots at each other, hitting a 15 year old girl in the crossfire. Wayward told shoes. They actually not even near the group when she was struck, So we don't believe he had anything to do with it at all. The suspect ran from the mall, prompting area neighborhoods to shelter in place. Nearly two hours later, they were arrested. Then, after nearly three hours on lock down the final people inside the mall. We're let out, still shaken and holding their kids tight
Apple to temporarily close 11 stores over coronavirus outbreaks
"Virus fears sent stocks into the red after word that apple is closing stores again in hot spots the Dow fell two hundred and seven point two point eight percent the S. and P. dropped half a percent the nasdaq finished slightly positive apple shares which hit an all time high earlier in the session turned negative after it announced the re closing some eleven stores in four states retail stocks slumped on the news of the apple store closings including Macy's Kohl's Nordstrom
Violence, destruction mar Seattle protests over the death of George Floyd
"Protest over the death of George Floyd turned violent in downtown Seattle starting this afternoon around four o'clock people said several police cars on fire on pine street com was Nick problem was there it is in fact a police car that is on fire it's a police vehicle that's on fire off in fifth and finally saw the flames just about ten to fifteen minutes ago give or take off into the distance near the Nordstrom and that's the car apparently that is on fire and you could see the smoke continued to billow up it's becoming less clear to see down pine street which is going toward a high five we know the demonstrators have sort of lined this entire story apparently we're getting word that there is also another car on fire that'd be within this general area so again you can see that a lot of a lot of ocean taking place here on pine street we can see both those cars on fire because these demonstrators continue to show some unrest here at fifth and pine and again these fires are going ask there's a peaceful protest happening at Westlake park so as we've mentioned two different types of mentalities and energies taking place here in downtown Seattle we have some peaceful protests happening over at Wesley Clark and then of course these fires and smoke and apparently more cars on fire como's Nick problem
Looting and fires continue in downtown Seattle as protests turn violent
"Nick tell us where you are and what you can see well it since about three this afternoon we've been here in the west like pause over near Westlake park and behind us you can see still demonstrators that have been we're essentially the epicenter of this entire day going to began with all this frustration at being pent up against law enforcement over at fifth and behind those car fires obviously been put out but Kane county sheriffs and tactical gear made their way through the area just I'd say about ten minutes ago but right now it seems that a lot of people just been standing around and have just been continuing to demonstrate despite many people moving on to different locations all we've seen a couple different businesses being broken into the doc martens on fourth Avenue we saw people running in there about five or six people but aside from that and the gap store over at the corner of fifth and pine demonstrators continue to just stand down and protest and show their frustration over what's happened with what happened in Minneapolis and several other different locations obviously a lot of frustration continues to grow and people continuing to want to demonstrate that whether it's on TV or whether it's here on the streets of Seattle on but either way and this is been the scene that we've been seeing for I'd say the last ten fifteen minutes with only a couple walking away you could see people walking away with a mannequin pieces of mannequins and also came from stores it's it's it's been quite a scene in the last twenty to thirty minutes you're located at Westlake center that's where the rally he organized a rally was held it was supposed to be peaceful there are pastors people speaking on the stage so from where you are right now from the vantage point where you are at any sort of organized assembly it's over now correct yeah there there is no organized assembly that that ship sailed a while ago in this area they have that organized protests that happened from at Westlake park but as soon as that March when all they had made their way away from this area and I was to ride out where that fire had taken place spent lining up all right up against those demonstrators who are still here over at fifteen point Nick thank you very much I'm gonna ask your camera man if I can to zoom in back over to the right Justin this down being saying we just saw moments ago a group of people walking through downtown Seattle with legs and arms of mannequins that they've stolen from looting in the store there's an obscene gesture Fauria but really an astounding and just incredibly sad thing to see that is happening in downtown Seattle tonight you mentioned the doc martens store looted the north face store looted the Old Navy store was looted earlier tonight the poly clinic set on fire police vehicles burned and it we've talked most of the night about these two separate groups there was the peaceful protest the peaceful demonstration speeches made our prayers prayed that's all said and done what's happening now from here on out the people that are downtown now or are there I'm guessing for reasons of raging of violence of looting and pillaging the downtown core of Seattle and this is going to be interesting to see if and when the National Guard gets here how they're going to put a stop to that the mayor said the National Guard should be in place sometime tonight and this is an unarmed National Guard coming in possibly if necessary to protect citizens it's also interesting to note that earlier when protesters and demonstrators and riders were marching towards the police precinct there was a line of police officers protecting that building just an hour ago mayor Jenny Durkan addressing the city she said quote we will take all steps necessary to protect residents and property in the city but Eric as you mentioned we have seen live images of people actively looting vandalizing stealing from the downtown shopping corridor and this live look right here right now so bold maybe this is where Nordstrom is near right near Pacific place a couple blocks away from pike place market we have yet to see police activity protecting the stores or standing guard to protect the property in the downtown area on those police are stretched so thin because these groups have splintered off into several different areas and of course they have they have set up a line around police headquarters are trying to protect that they are trying to protect the stores and and the citizens but they are stretched so thin at this point but it's almost impossible without some more help and again I'm worried about when darkness comes here in another hour hour and a half what's going to happen under the cover of darkness as as this chaos continues in downtown Seattle again the speeches have been spoken in the prayers have been prayed in the protests have been protested now this is ugliness in our city this is sheer chaotic ugliness and we can only hope that order is restored just as soon as
George Floyd protests turn destructive in downtown Seattle
"Chaos has erupted in Seattle as protests against the police killing of George Floyd are escalating protesters have now March on to I. five and are currently blocking traffic troopers had to close southbound lanes at union now cars are trapped on the road at a standstill and downtown things got tense quickly if if them pine as Seattle please get water bottles tossed at them and respond with flash bangs and tear gas Cairo radios Hannah Scott is there now I'm still here at fifth and pine outside the Nordstrom's where tensions spilled way over between the crowd and Seattle police said a police I can't see them right now but there's a Seattle police vehicle here that's completely towards on fire directly across about the Old Navy the front glass doors have been busted into people are going out going in bringing out the clothes their clothes all over the street right now on time with people just picking them up from the Old Navy and a huge crowd there are thousands out here at the moment no sign of Seattle police similar protests are taking
Nordstrom at Freehold Raceway Mall to Close Permanently
"Is not earth shattering news but something happened last week. Like for. Some reason is really sticking with me the Nordstrom. We didn't report on this news last week but Nordstrom announced they were shuttering. I believe sixteen stores in the US because obviously we know a lot of companies are going through hard times Marcus filed for bankruptcy. J. Crew filed for bankruptcy retail is taking a huge hit but the NORDSTROM. I grew up going to every weekend at least every weekend really closed. Yes the Jersey Nordstrom the freehold raceway Raceway Mall Nordstrom. Now for anyone listening. That is like wow okay. Upscale retail store were closing. You spent your childhood in a in a Nordstrom. This is not exactly. You know wholesome consumerist. Here's what I have to say these. Are we all have memories like different places? This is where my mother and I could forget our cares for an hour or two on a weekend. Go to the clinic counter. Get OUR FREE GIFT with purchase. This is where I really forge. She know my interest in beauty. You know what I mean. Yeah like I would go with my mom. And then when I had my driver's license I would like go by myself and like hanging out with the Matt counter. I even took like a Nordstrom. Had like a Mac masterclass one day and it was on the top floor and the private room and I would leave talked about that. I've heard you talk about that class. I never knew where it happened. I thought it was like a the IDC at the plaza like being served like tea-and-crumpets. Like no it's where you got your view of beauty and the glamour that comes with completely and like I really just thought it was another world. You know you laugh because it's like okay. It was like a Jersey Mall unlike route nine like combat but like to know that this place is closing. All of these people are losing their jobs. Yes is so sentimental sentimental for me and it's like the end of an era but it's like I was texting my friends salary who is from Marlboro and like which the neighboring town to the free old at I was like I don't know why this is hitting me so hard. And she just said it really sinclair. She's not like a beauty crazy person like I am she goes. I'm really upset to she goes. I think it's like I'm just not ready for all of this negative change and it's the negative change from Cova. It's also you've talked about how you've been watching commercials from your childhood just for that feeling of nostalgia yes. This is a piece of childhood in a way that is just never. You can't get that back and whatever I have that feeling. It's like this weird existential feeling of like okay. No turning back now like moving forward things are different. Your mom now like it's an I get it I get it. It's not about the store and like the shopping experience. It's it's about the memories. I think yeah I was thinking like. Is anyone going to sympathize with me? Who doesn't have food in the fridge? She's husband are themselves. Those lost their job like nordstroms. Close No it's not about like where am I going to go? It's like when a piece your childhood and innocence disappears. I think for a lot of people in the last couple of months like that. Innocence disappeared for a lot of
Retailers are reopening but it isn't business as usual
"Many retailers are starting to re open but it is certainly not business as usual CBS correspondent Maria Villarreal takes us inside a newly re opened Nordstrom store to show how the shopping experience is changing not only for customers but also for retailers this Dallas Nordstrom was a hopeful reminder of the way things used to be for both customers
"nordstrom" Discussed on KOMO
"Mall's Nordstrom is CEO of the department store chain Nordstrom he tells ABC news it goes way beyond just cutting down on the number of spots in which to shop it's a massive acceleration of the changes that have been in place for industry for a few years now and those are most towers are great cars not just to be calmer specs are really of the millions digital assets in physical assets that include using stores more and more as warehouses to fill online orders to get shoppers back in person workers will be wearing masks and putting social distancing rules in place an order from says his company still learning how to adapt to new ways of doing business certainly have all of our stores close yeah we've been around for over nineteen years and it's just never happened for what it's worth Jerry Preston ABC news drivers continue taking advantage of the extra room on the roads with so many people staying home state patrol tells komo they're begging and pleading with drivers to just slow down last Monday and so how much county five motorcycle officers for state patrol ticketed sixty two drivers going between eighty and a hundred miles an hour change of Ryan Burke says they're seeing the same thing in Pierce and Thurston county thing about two weeks ago hundreds or miles an hour right it's happening on a daily basis out here several drivers have been stopped going a hundred twenty hundred thirty miles an hour common these days as drivers apparently cannot resist opening it up on the open road state trooper heather acts you know you can look at the state patrol's Twitter account and every single day out there is banging the drum on slow down his home is county earlier this month driver of a corvette was arrested for reckless driving and D. Y. the thirty one year old man was going one hundred ninety two miles an hour Carly Johnson come on news traffic the crash and totem lake on northbound four oh five just before northeast one sixtieth street it's taking up the right lane see what I. see to the left to get by it's it'll still watching some police activity on south on Third Avenue and James street blocking the right lane and in shoreline the northbound five exit eastbound highway one oh four is closed until five o'clock tomorrow morning for overnight road work our next couple traffic at eight thirty four the como forecast from the eco roof weather desk Golmaal whether good evening arts Sanders becoming mostly cloudy tonight slight chance of rain late lows near fifty tomorrow partly sunny in the morning then becoming sunny highs the sixties Saturday mostly cloudy slight chance of rain in the morning then a chance of rain in the afternoon lower seventies Sunday rain likely in the morning rain at times in the afternoon highs topping out in the upper sixties Monday mostly cloudy a chance of rain in the morning chance of showers and a slight chance of thunderstorms in the afternoon highs in the upper sixties for Tuesday partly sunny slight chance of afternoon rain upper sixties overnight lows around fifty that's your latest weather from the Cobell forecast team B. C. entertainment news the lady singer to postpone a twenty twenty world tour because of the cove in nineteen pandemics for where we go track was due to kick off in Mexico and South America at the end of may followed by some run through Europe then a trip to Asia she got in three U. S. shows in March before everything shut down strong ratings for Wednesday night's season finale of survivor on CBS the most watched season Anderson's fall two thousand seventeen topping the night in total viewers but the mask singer on fox continued its domination number one in the all important demo of.
Special Episode: How to Build and Evolve a Beauty Brand
"Do you think your clients and other brands are going to be evolving with all of these new changes to the way we consume beauty? What's their response to the crisis? Been so far. And what do you expect to be? You know? I think if you think about it like the lipstick effect as I mentioned. It's really always been about that psychological side but now we're really seeing a health side to beauty you know we've all lived through the loud battle cry of health over economy and you know that has really permeated politics. It's permeated our streets in so I think health wellness will be a supercharged theme walking out of this And even now we're seeing like figures in telemedicine and virtual house just really striking and how much the growth so you work with brands across a lot of different touch points Product packaging web design in store displays. Are there areas right now in your business that you feel are more critical and if so how are you going to be guiding your clients in these areas? I'm just thinking about you know maybe last year. Let's say you had a client. You may be guiding them towards something experiential in store design because it was all about like splashy openings at Neiman's or nor nordstroms in store you know high touch experiences now. That's not the way forward at all. Exactly I mean you know if you think about the big two things that we do. It's it's it's brand building or rebrand building and then it store experience and when it comes to brand building piece so much of the past five years we've seen brands take on personalities personas that then draw communities in characters and I think the big change now is branding will be so much about values over attitude you know. It's we've seen brands and consumers want to know. How are you handling the health and financial wellbeing of your people? Yeah no how're you getting involved however you being strong and taking charge to take care and we've seen incredible brands. You know job is a great example. Put together in three to four days. Their courage is beautiful shining. That spotlight on health care workers you know alongside that making the donations and the values of brands over the attitude in personas. When it comes to a branding perspective is going to be really really big and those values then start to permeate into different touch points like packaging etc and I also think you know one lesson. I learned a long time ago. Is there's power in saying I don't know and the brands that have really come out on social media in say we don't know what you WanNa hear what he want from us that has been such a huge powerful thing because we think of these brands sort of being leaders and I think often as leaders we think we have to have all the answers but actually saying we don't know what do you want from us is a very powerful thing and I've loved seeing that sort of vulnerability out there. Yeah so instead of being quick to act and you know making some kind of splashy statement just actually saying to their customers. We're not sure how to act in this time. You think that's okay. I think it's beautiful. I think it adds a sense of vulnerability you mean. I think the big thing is. It's all real were all experiencing at the same time pretending that were not is just GonNa set you back. It's community too because you always talk about how building a community with customers is important but like if you bring them in on the dialogue that's like a readymade community right. Exactly I mean we. We can't sit back and pretend that we know what people WANNA see. We've never experienced this before as a group of people so you know just because we're a brand still people at the heart of it and we. It's okay to say like what do you want from us? Yeah I always think about how You know I always think of business. You know anything of where the word business you have money. And they're just like just in the images you think of money or buildings or you know just like it's this very kind of cold word but at the end of the day business people like you know your your schoolhouse your Chris. Business people so. Yeah so it's just a person to person communication at the end of the day so yeah it really is a conversation so that's interesting maybe businesses. I do see a lot of beautiful things coming out like dove you know. They're brilliant that they had a smart message. But maybe it's best to sit and wait and actually think before you act in this time if you're a business or you open up and say I'm not quite sure how to
Being a Women of Color in the Workplace
"Going to talk about what we usually talk about outsider podcasts reporting which is our workplace and being a person of color of a female of women of Color in the workplace. And how we navigate microaggressions unconscious bias. Balancing all of that with professionalism and has been saying and we just wanted to open it up to the floor and made them can go around and talk about what our individual workplace flake and looks like literally like you know what what does that look like and maybe like the industry that we're ends. Do you WANNA start. Let's see yeah. Sure I currently work at a sales agency and a fashion multi line. Show Room so Pretty much do is just Where in wholesale and the wholesale industry so I work with European designers and After fashion week happens we kind of just like get the collections and we prep it and we see buyers from like Nordstrom burke door of two in the independent Boutiques so our job is pretty much just saw the designers collection during a certain amount of time But I've been in the industry for a while for maybe like three four years professionally before that I was like freelancing and doing other things to buy. The wholesale industry is interesting because in the fashion side. It's not very diverse. It's I been through a lot of trade shows and doing you know market week in Paris but often times. The women selling the clothing are always wait. Do and it's so interesting because the men's industry is buried divers. Wow that's surprising Why do you think that is? I just think men like to work together. True true true. Yes I think so I think women I think naturally were just very Kind of I don't want to say like cliquey but we just kind of you know ten to a little sore already. Yeah I think so and you know when you have a show room with a lot of white women. It's usually. They got to tend to only hire white women green. Yeah what about you Angie? You're in fashion too. So I work for Steve Madden. I do marketing and social media so like comments. Dmz on working with influencers doing behind the scenes now for like our photo shoots and our campaigns and things like that. It's it's different. I've been doing this for since April and before that I was still st man. But I was doing the wholesale side but I've been in the fashion and I've only ever worked in fast. Yeah Higher Being St Man and I've only ever worked retail and like briefly out of showroom. Yeah and with that workplace look like and what does it look like now? Okay so when it comes to retail retail can be very diverse by. Yeah when you start looking at the people that are being promoted Israeli. Never the people like you. It's usually like white women. Yeah Or is usually like white women are one is our want to say like women are people that are like white passing and honestly the same thing for corporate. Yeah I'm in my personal opinion That's really like all you see. They're the ones that make the decisions whether you can relate to them or not And that's it's tough. Yeah no I think I and I'm in a similar boat as well so I work at Cnn's great story and it is a media company kind of like a startup be summation before that out that MTV and it's interesting when I was an MTV it was. I didn't appreciate did. They versity as much because it was actually very diverse. But as Andy said it gets less diverse as you go further up to the top. It's usually like the hustling coordinators or laying. Junior managers are like people of Color. And they're actually doing the creative work and executing and but then sometimes like the people who are getting the credit or approving budgets or have making the thought leadership decisions. Aren't the people who are on the ground and it? It was diverse but as you said it was not ever so the top. I'm in a situation now where I think it's even less diverse and especially in the creative editorial side. Yeah there's only one black producer no one now. We have one Asian producer. And it's interesting too because I think being Asian American. There's like spaces where it might be diverse but it's still underrepresented in terms of like the Asian perspective whereas like in finance or accounting. Maybe there's an overrepresentation of Asian Americans and like less reputation. Everywhere else I think in media it can kind of toss up depending on where you work And Yeah it's pretty dismal. There's can be such big improvement and I don't know if you guys experienced this but especially when you're making content bat is for a diverse community or your featuring a character or even a models or like maybe they wanna work with an influence or who's like not white then it's all for the purpose of of like selling something or trying to use diversity as a coin like a badge on their shoulder to be like. Hey like we'll call diverse. We are like our workplaces multiverse right so that is kind of like the the liberal daily things that I struggle with of. Sometimes they're like. Oh we know we have a long way to go in terms of diversity but the stories we tell her David or some just like is not problematic. Right Right Yeah. I think even for me just from what I've noticed is like I think it it truly bothers me even when I look at like certain photo shoots or campaigns not even from like necessarily where I work but just from like other companies and it's like they have like that one token blogger or like that one token Spanish girl. Ah just to exactly just to say that you had them in there like Oh Nolan. Little more diverse. It's like it's kind of like that. Like white person in caterer but I have a black Friday morning God. No that's not totally like this is so different and I think it's like this is what I say Especially when it comes to companies. It's like you have the most diverse. Like when you look at the demographics of who is buying your product More often than not they are people of Color. Yeah but your campaigns never show that And that is the biggest thing that I struggle with. And then for me. It's also like well. Why am I gonNA WANNA follow you? Social Media Yeah because like now. I'm in that social media realm so like now like I I really like pay its engines and things like that so I I you know. I love this brand. Their campaigns don't really represent me. Yeah I don't really know how I feel about this because then now I'm looking at it like okay. Well who are the top executives that are in? You know that are a part of your company like who's making these decisions. Why do they think that this that? I'm supposed to really to this person that you're showing you know for
"nordstrom" Discussed on American Fashion Podcast
"The business love energy around new who completely innovative sinking from like Silicon Valley perspective and then kind of guys in the middle solve stating the ideas from whoever they can dan and complete coming up with their own as well on a on a products and brand perspective but in terms of like how they take this really unique brand proposition and get that out into the market. It's it's super excited. I think yes that's great time. What do you think about the different fashion weeks right. Now is one of the fashion weeks kind of leading where you buy from. I'm I'm thinking Paris has become a serious leader more than the others right now. it's hard to a if you if we if you're talking citations than yes from fashion proposition is more going on in Paris. There is an it's not to the there isn't stuff going on in Milan but I think it would be decided is kind of even if you look at the schedule says it sign story but still also that who she still showing dominate in Milan and progress showing dominantly Milan so but it's more the the classic menswear spice still feels like it's rooted in in Florida Send Milan and then the true fashion capital F. fills like it's rooted in Harris in saying that though is still some really eighty innovative things happening in London so Stephanie from amend London saying from a men's perspective facial and then and cry grains doing there is really interesting. I think we'll guide KIKOKO. Stop Nov is doing there is really interesting again again. It's kind of like it's it's more having more having God more. I guess has been so what is New York in that AH sphere what what does New York represent within the personalities of the different fashion weeks in trade shows. I think what's going to be really interesting. Interesting to see is wet. Tom Ford takes the new space because at least from a men's perspective like I think well the FBI is don more broadly with like New York men's which seems to have been an evolving at I liked it. They're finally in line with the other men's fashion weeks around the world so there's for men's fashion weeks back to back in. It's not off on its own yet. That makes me into the women's yeah to me as well. I think I guess the thing for me with New York. Specifically is the video to find a groove in terms of this balance between commercial and fashion proposition which I think is always been the thing of for men's in in New York in the US women's seems to have I'm not a women's expert or specialist but there were it felt like it kind of found quite easy to find his feet in balancing those two propositions and that's any of the big weeks needs the needs of these major designer moments than it needs kind of new interesting ideas and stuff that sits in between those two things. I think you were with the men spice. I guess that's why I say I'm interested. Saiwal Tomfool does now that he's enroll there is because he does men's a women's his whole brand proposition is men's women's so I think his take on it. Versus previous will be considerably different from because I'm no again in those conversations by any means but you would imagine the balance between men's and women's is going to be considerably different. I guess the interesting thing will be to see what happens insofar as take as keeping new compelling interesting ideas come from the American fashion landscape and keeping them here from a marketing promotional perspective because like especially a menswear. I- globally a huge amount of current trend and it's not like this season yeah the Las X. number of years. They're American rooted ideas like the whole streetlife. Nominee is an American idea yeah St Mary's from It's an urban culture American idea yet the show you know I'm much like it. POPs buff place he audibly straight westbound place with neo city with having he's under strong seeing etc etc the I guess we'll be interesting to see what happens in terms of communicating American born American made so fashion proposition ideas and showing them hair and keeping them here in in if that is indeed dave the strategy say there's not a lot of made in USA any American department store. You Walk in you look for men. USA and it's just not there or it's it's very hard to find which I find frustrating but you mean the actual garments being being yeah the garments they're available on the floor there's not a lot of made in USA and that seems to be a choice and maybe it's you know by percent more expensive choice well. I think the problem is it's off five percent. The more expensive choices like fifty to one hundred percent percent captain's choice the consumer still pay for it. I think going back to the segmentation piece. It depends on what it is sure I think there's a decent number of also depends on if your will wipe the brand proposition on where is made because is at least in my own experience like we'll catch loaded in sir. We'll customers pay for at least the way the I read it or here is the like do consumers care typically than like guest directly coupled with like all of the political caloms the guy with that in my experience. The guy that really cares about something's made is carrying about it because of some kind of like heritage style. I in America made salvage Dennen and whether it's real yeah yeah 'cause also if stuff's made in Italian tottering made it Elliott because it's Italian teetering and how it works etc and then the guy is buying like a fashion proposition is buying it mostly because of the style and aesthetic not necessarily all those real element as you mentioned and so then it becomes a bit Abou- price and product and really will be looks like I guess the things things the I think what people like Jared Renzo and Mike Amiri and a number of the other kind of American fashion designers from that set of done the super interesting is build that into their that brand and their product proposition and it's an integral part of what they it do whether or not lay then Malcolm Ed is a big by made in USA story. You know like mock doc. Mary has a sixty person Italian making jeans in downtown. La which he did that because he couldn't find anywhere else to make the part that he wanted to make for me. That's it's a kind of a perfect story of made in USA. How much do you think about Los Angeles San Francisco Portland in terms of of sourcing products as for the stores throws it really comes back down to the the brand and the product Bravo the necessarily necessarily it's it's something that we will always bury mind and as a customer the looks for asks for it and we WANNA be able to serve serve that customer but really first and foremost with thinking about the broader up brand proposition the price proposition how it fits since our overall assortment Bravo the necessarily just hunting down because it was made in one of those markets but I think it's you know. Who did we interview? It was American giant your Yep So bayard winthrop so he built built his whole brand based on you know it with the whole price value and part of the big big part of the equation was the fact that it was made in the US us so I think if you can right I mean he's doing phenomenally. It's also on a casual level grid where they own the cotton fields and all the way up but it might it's harder. I think for companies that are also established to turn around and now start being more made in USA and you can't really focus on that unless you're one hundred percent sterling ruby us yeah by style. I not show like a imagine. His elements are not sure whether or the price point. I think it is that I I'm an on another guys. They're one hundred percent sure of everything that we don't looking so yeah yeah. It's an important conversation. I think it's a Pov. A broader comes Asian what's coming up for the store here Ernie Oregon for Nordstrom men's and drawn general. What's your future. Look like what are you hoping for well in. New York specifically were about to open our women's towels. Dole wait so forth welcomed October whereas in the city it's across the street so huge..
"nordstrom" Discussed on American Fashion Podcast
"You walk three blocks around the corner from the stool trying to make the processes a sameness as possible as a customized indirect. You'll business however they want to interact with the business. You know so saying right. There's only three ways to interact with us and that's right so the fifty seven th street store. It feels like luxury but it's really relaxed I think and somehow you know you you want to navigate through the whole store or I do when I'm with a a friend so I think rolling out a concept like that is really and having it really work is is a challenge. So what are you finding to be the biggest challenges as you've rolled out or the secrets to really making it work aside from assuming you merchandise is it the same level of impact and interest so for us. The fifty seven street store in New York is a facets first full line store in the city and secondly. It's August men's only store anyway so that gives us squad few outings as I'm sure you can imagine. Where did you come in at the point of deploying that store because you have that store opened April last year. I joined in June okay so we came in after it open. I'd also for US know. Nordstrom mm-hmm is the same as another Nordstrom. Each one is unique that one moreso because the reasons I just mentioned the New York is already full. Line stores are only men stole. It's also a forty five thousand square foot split across three foals whereas we have still we have men's businesses suspect of different styles at different flaws in in other schools but by and large it's very different makeup so others so Farrah's office office itself some office interesting testing insofar as customer flow. How'd you marry up different product segments of our offer and how does that engage with the customer. There's also it's all biggest footprint for new concepts but level so a lot of our souls true service proposition while I'm pick-up install alterations old is kind of things we have those through the fleet because of the makeup of that stool. They're just engaged with inundate very different way for us. There's elements that we are learning. We don't explicitly trying to learn from that store and enroll our across the fleet everything that we learn in that store because it is a unique store at the same hi there is a lot of that testing in there and we are learning elsewhere so I don't think there's a clear up. Explicit Bliss said this is what we're doing here and then Brian. It's going to be one hundred and twenty stools tomorrow. I think also what's fresh is. There's you know suiting. They are but it's Mitt. You know. It doesn't stand out as like here's that I think there is a me. I remember seeing Hugo boss and yet there's a lot of time having a tremendous amount of fabulous sneakers and shoes I can that's that's the thing for us. The I would hope that that stole shows the most is I guess where we're heading with a men's division insofar as titling still very important so all business both because all customer once and also does well for us but there's no denying that there is a kind of mass casualization especially in the US. I think the lines are more blood between weekend can't wear and week where than ever before and to me that stole reflects. Bat Bat casualization show that suits in there if you WANNA come in and why itself a suit we've got for abroad offer and I would hope that we'd it'd be out to cover. Most guys needs in that space but oh so it's not forty five thousand square officers. There's a deal of space in there. There's a lot of eight genes. We have a very wide offer of sneakers from Nike Lab of limited edition releases through to Converse Chuck Taylors through to Lindsey Aga trip so a hope is that whilst we don't necessarily trying to be all things to all men which is trying to offer affect Steve on current men's style and and how we hype norstrom customers drop them. I'm wondering how you think about your teams in terms of buying lying and merchandising how'd you define those roles in your team from the storm so the team the the the teams that by an plan for that store a national we much like we tear out all all stoles Insana of revenue locale into of whether situated across the country entry from a customer perspective. We apply the same logics so the new store so it's not totally alien to our thinking about other businesses from a strict merchandising standpoint. They're all things that we're testing in that store. I guess more aggressively than elsewhere but not necessarily exclusively side. There's a poll of stores where AH customer allows us to push things a bit thavernous foster so it's still the same national well. I guess in what I'm asking is how do you define the role of a buyer and what they're supposed to do and how do you define the role of a merchandiser and what they're supposed post do and and how do you expect them to interact as as as individual people who who operate in those spaces are they usually separate well. Let's also Permi- question yes. They usually set up they but it's to me it's it's two sides of the same coin. You can't have one without the other and it should be a very very healthy relationship between the two is it because there's such a workload that needs to be two different people. I think they do different things things and they bring two different. Pause to the same conversation in my heads. The the by should be pushing was was the conversation from a product perspective and that's very relative to the department that they work on the it's still the same logic slyke right. We sell an awful lot of navy thuban suits. I found this amazing new brand. The authors of different take on that site. We use a very straightforward example or at the other end of the scale and the deal showers the shower of the season. We should be pushing that as far as we can. It's the merchandises responsibility in a job in that conversation to be balancing the how against kind of empirical dyson knowing where we've been oh that puts a merchant in a data role yes so essentially that's as opposed to predictive. Yes slash combined data roll. Yeah the the buyer is the radar and the merchant is the analyst to one degree or another yes nor exclusively side because is com shouldn't have a buyer who doesn't have a depreciation off their own data and they are in general at the same sometime the much. I guess to me the margin is more exclusively into the data the necessarily into a product division again on a product level but I think it still really important. The A merchandiser has an amount of vision from customer landscape landscape perspective under another. It's the job of the by. It's a seller so they're much partner in making sure that relationships Diana Diane balanced but you do you want a plan or a much is to really be buying down the hatches of the kind of where we've been and the analytical side of the business to counterbalance where the buyer sykes business and how much do those people talk to to the sales people that are on the floor a huge amount okay yeah and it's definitely something the possibly I guess I'm very a pro because for me as a business and also personally we try and think of everything through a customer end of how customers going to interact with the products the experience the service everything that we're doing really like any idea comes up typically. I try and we'll get through actual customer. How's it going already experienced that what's going to happen. Has He gonNa what's IT GONNA look like when he tries on that Jack Agatha GonNa across anything to do with what we do have resigned. We re do try them. Make up stories. I get laughed at by some of some of the stories we make up but nonetheless something we really believe in it. I think is really important and of course like true experience. Anecdotal feedback from that comes from the show floor is the guys and girls on the frontline but really interacting practice with the customer so I'm whatever I go through any store. I can go through New York an awful lot like to as many of the other stores I can. It's really the anecdotal fe by. I'm mostly looking for because I find it super interesting especially for guys because if one guy ally experienced it like that the free safe bed the ten of us were feeling the same way but after a while your filter tells you you know you've heard the same thing over and over exile exile. You've heard it in a different in a different way and don't you think that that is as important as data or I mean just to very is kind of what we're losing a bit yeah. It's the marriage of like data and anecdotal feedback. That's what we try and walk around the most and try and build up as much of a real picture of any strategy that we're coming up with your point. Actually I'm always really interested to hear if if it is the same title feedback over again as in hearing again again dozen booming just means that okay we're roughly in the same wing or a few times yeah it's when something comes completely left field and you had all of it all that's when Harry so nordstrom's has rent the runway or they may own it or uh no okay. There's a New Partnership Okay Partnership so here's my question I I know that rent the runway doesn't do menswear and I have just heard actually that Scotch and soda is going to start to do rental code for men. What do you think about that. I mean what's your take on on rental. Not Justice not necessarily for Nordstrom your opinion the I think there there's two interesting shifts and shifts makes his just happened and I think that's true. I think he's been gone for a while and I think as the kind of the rent so proposition in the market and then the resale platform position so I guess what people like Brent the runway doing is ends of offering a subscription model so that you can rent products monthly and then also what Ebay started. I guess audibly. They are the star of a resale platform. ALMANAC will people like grilled of taken onto bay or even able from Gen Z. Perspective the me that to really interesting.
"nordstrom" Discussed on American Fashion Podcast
"I yes we see it is we see both and I think it's dependent on the products and the concept's for example there was some product within union which which sold out on the first day and the most part of the customer came through to buy that was newsies it was from a Branko cactus plant flea market which is pretty hard to get. They don't work like a traditional brand in terms of seasons that have a very small distribution Russian list so I think that's what was driving. How would designers? They're listening to the show. Get it on. You're buying teams radar. Where where's your your team kind of looking for people. Is there a contact email for people to send you look books and that sort of thing her no explicitly believe be honest doesn't would love that open day no small around of designers kind of slide into my hands. I get lots of instagram messages and I try and make it my job hope to see as much as I possibly can. Once upon a time I would have said see everything I'll be honest these days that's becoming increasingly difficult to genuinely you in the see everything but we see as much as we possibly can and we have a number of different teams to the point of segmentation so typically you know at least from my perspective happens is people gain touch me and then. I put me in touch with the right buyers but we all super super open open to seeing as much as we possibly can so with very welcome of people getting into option shoving stuff. What kind of brands pens are you looking to introduce into the store. What what's what's missing in the magic right now. That's a super interesting question. Among the comes up up quite a lot. I get a lot of people that get in touch with me through. They kind of get my mouth overlook. I mentioned through things like instagram. I'm not I have two young kids at Haimes mom null out on social media that Moscow the if you look amazing grams mostly pitches of our two kids I ah but by no means all reply to people the do get in touch and one of the recurring questions is like what makes enticing Brian. Thanks impaling appealing brand. I think for me there's two ways of altering that question. One is because of the earlier uh oh earliest my earlier point around customers all fall more willing to do the research themselves now than ever before so they kind of coming into stores with I would argue more so presupposed knowledge of what they wanNA find from a brand product perspective than it drives me crazy if I if brand says I'm in the store and then you go to the store and they don't have the product or they have like two you of thirty skews why yeah and that's a that's a roofing and that's a real consideration. I guess that's that's the beauty of wall wall so a lot of very well positioned logbooks based heist embody till they stuff to have done on and then of course instagram bio means so because brands can communicate and connect with and bills their own customer base. I wouldn't say why more easily but way more effectively than ever before previously you essentially had had to produce a collection you shoot your book and then you would handoff these things to magazines and retailers in the magazine would be the the communication pace in the retail would be the retail space although a decent wholesale network acts like a mocking communications tool as much or at least in a slightly different way to magazine is horrible would now it's a bit different because the brands could produce. I find take better imagery and any other photography phone thing but that's just an offense hikes better imagery imagery than ever before so the the means to producing super interesting brand collateral there in people's hands and there were huge huge amount brands already taking advantage of that and putting them message out into the world and communicating with customers under one degree or another you know if you want to use news instagram messaging or any kind of social media direct messaging you can interact with a customer and then sell them for as well so all of that said the reason. I mention it in relationship to that. Question is one degree or another. We're with looking for people that are doing really interesting. Innovative imitative products propositions out their own idea of of how guys can dress on top of that. I think there's also so is that about storytelling. They're good at telling a story with clothing and then the way they image broadly speaking. Yes I think so I think monkeying from a brand proposition in is more important than ever has been and dog it as a decent conversation to be had of of how much is products first and foremost the most important thing and how much she's mocking the first full my most important thing. I think different parts of the men's industry it means different things so I don't think there's a golden rule but I would say it's definitely an important one conversation in an interesting one where I was going previously as the one of the things that I took two people to get in touch with me. Directly is the retailers are more more looking for brands are out there so developing their own preloaded customer base the people that are hungry and looking for the prox- and then at that point kind of jumping on board and engaging with the customer Don't get me wrong there. We're all still people producing amazing product that no one's ever seen waste scarring the market for that stuff as well the at the same time. I am from a broader commercial perspective. We're also looking people that are really engaging and building that community outside of just the retail the the wholesale relationship okay so that's that's discovery technology. What about customer service and Technology Water. What are you playing within that area. That's kind of changing the game in terms of the customer experience and actually just on that also customer experience. We always think of our I always think of is really focused on women. Are you finding that men are also as interested in that level of service or starting to yes ensure the I think for customer experience and service proposition two elements to that as you mentioned the the storytelling element lemon of if a guy has taken the trouble to go to a store when he could have been on his couch and looking through his fire on a website yeah. That's Kinda. Give them a reason to be there and that's one of the things that we're trying to do through. New concepts is take already. Hopefully what we consider interesting interesting and compelling brand products. Maybe not that's all story and message us. I know that toll because the printings alkai Simmons Helmut Lang things it's kind of brand message but kind of an awkward story so you take these hopefully very compelling Brian products stories and present them in a massive physical build out spaces with people on the spices who really know the story and no the in the background as to why we're working with these brands and products and communicate that message and then you couple that with kind of a website custom bill L. and each one has a spoke mocking strategy so we're trying to think about these things from three hundred sixty degree hellenistic perspective effective. How a consumer. Will anyone might interact with the spaces that element from an experiential perspective. I think we'll interests me. Most most month things I find interesting about like the Nordstrom proposition where we have a customer that wants to engage on that level and then we have a guy that just wants to buy some socks and that's all about speed and ease so there's a number of different mechanics for us one one of which is like buy online pickup still which seems like a super simple easy saying but to your point around if a brand says that they're stoked certain store then you type at the store in there if you take that idea down to I really need a white shirt because I've gone event tonight. You could even traipse around lots of different different stores and try and find a white shirt getting more and more stressed out in the hundred degree ninety percent humidity. Oh you could jump on your phone and and I know that they stop brought in that store order and then just run by and pick you up and all of a sudden it becomes seamless kind of service proposition thing so your point what about guys interesting on that level very much so because that's how I was like I want to be mass exactly tackling. NOPE JUST WANNA move. Yeah I think for me. One of the other things is the a single customer will shop across all of these different platforms like I don solely shock in one specific way. I'm not exclusively someone that shops from my phone or from out Lapshov it's up. It's like if I if I know I wanNA buy something buy. Marine I will peruse through stores and kind of John. I think that one of the reasons since that we really wanted to watch with Chris Gibbs Union and the Chapter Irons Union Nella is the main. He has a really interesting. Take on Tom Style so his store on other things as the most the me. The most special about his stories is very much. Chris is perspective on not necessarily telling us how they should dress but just offering up a lot of product which he thinks is super core people that engage with a news in their own some kind of way. I think specialty retailers are still super important in the market because that's really what is a specialty soul. It's individuals viewpoint on style. A Mutt we try and do through all so men's fashion offering is to one degree or another bring that same a sentiment to a department store saying that in itself as style of service because if you are going to solve peruse peruse through a stool for an hour than you want to be giving people interesting stuff to look at because they've bullets come out and still at the same time if they're just looking to by either commodity product or they just know the thing that actually one you want to try and make that as seamless as possible so either these people on the show that really now now they're stuck in that position that kind of Iran to business owners and their whatever that all you can buy online pickup in stole oil nine in have it sent to your store have online product that sent to your home. You can return in still because.
"nordstrom" Discussed on American Fashion Podcast
"Thanks for having me sure Can you tell us a little. You Bet about menswear. Hopefully I guess what's big in men's right now. What are the topics picks. People are talking about in in the selling of world. Am I guess one of the most interesting elements for all to zoom out a little bit. Ah To the question there feels like there's a huge amount of momentum around men's right now insofar `as I one the recurring conversations is definitely the growth of men's and kind of what's going on broadly in the market. I think that's definitely reflected did in just the number of people customers interactions are happening across the difference there of of men's. I think the me that's one one of the most interesting elements is the. It's not just silos and pockets whereby you know there's a lot happening. there's really interesting innovative. I got growth opportunities rod across the Bulls really. I think that's one of the most interesting things for me. It seems like for me you who doesn't have a giant menswear perspective in the even though I'm a guy There's a lot more innovation actually showing up in stores whereas now than there has probably been since the sixties. It's just people are playing with stuff. They're putting things out there. That are innovative. Does that seem to be the case for are you or I mean you've been kind of under the hood the entire time so what's your perspective on. I guess there Oh to one degree or another intertwined so by they I mean the different elements so because there are so many there are far more guys are interested in in class than ever before and definitely in terms of style you not to mention. This guy's always been into cars. Could you have to wait lights but oh definitely from a style perspective and I think what used to be nieces with the emergence of feddie obvious obvious the Internet. That's allowed lots and lots of different people to find out about lots and lots of different niches. of the incident is there and then subsequently solve the boom of instagram. I guess a now like saw Nexgen social media platforms as well while means we see there are more guys coming through the store with a higher sense of and their own education they know what they're coming in for and they know what they wanna find this definition still by all means guys come through experience in the way in which by all salespeople are showing them product and less of looking for US looking to us for guidance from from a statistic respective by more so than ever before there are guys the have so thin out there done the research research. They're into specific brands. They're into specific aesthetics they understand the relationship between different brands and WHO's wearing wall. I think the the salt boom of like sports styles of music stars being like style icons as much as they are cultural icons Phil's data a massive shift. It was a lot of the same suits before yes and also I think menswear always moved moved much more slowly than womenswear from a trend perspective and I'm honest. I think that's still true. I still think women's is moving much faster clip. The Mend Ed but men's is moving infinitely faster. They used to so that customer segment that you just talking about comes in kind of knows what they're looking for is that is that obviously is that growing. Is it a big segment right now or is it bigger now since you're there. I'm I think it's big and growing one degree or another Farrah's the so fashion proposition is much newer to us then Asu Sup- proposition you know we've had a very strong business selling suits for decades whereas selling high fashion it's relatively so open ended term 'cause the Doggie what does high fashion main these days but that's very expensive very expensive well. I think while the nice things is not not necessarily there's like a lot of people out there doing super interesting things to one degree or another of the more affordable sky again in itself a subjective adamant. Yeah I think for us. You know we still sell lawsuits so we still have a very strong customer base. in I think what you deem the more classic kind of American I'm either a traditional men's clothing or in the classic American Sportswear said Farrah's the we are seeing a lot of growth in designer or contemporary all the brands that don't really fit into either one of those relatively the traditional kind of retailer Tom's Sir so maybe back up for a minute and talk a little bit about your how you got there and your your background show so I started in a a menswear boutique in Highschool Saint Albans which she's twenty miles north of central. London says where I grew up when I was fifteen and I was selling stuff like Paul Smith and Stern Island and Hugo boss and Amani Jeans and that Kinda Room and then when I was eighteen I go job on the show floor. Selfridge's the London based opiate national UK Apostol and then when I was in nineteen I got a job in they're buying office as an admin assistant so as I mentioned before we from from my personal perspective I've Kinda done this forever. I then joined Mr Potter in twenty seven the UK's expose group men's align business that website website launched in February twenty eleven joined in June twenty eleven so of this over early days as it were joined. Nordstrom a year ago so June lost. Did you so when they so what was your charge really when they hired you or what's where's your action. Yeah I mean because you were basically at the start art of misreport which is like the so progressive at the time yet so Jeffrey Kalinski of Jeffries New York introduced Pete Nordstrom and I every Mao I went for a breakfast with eight immediate was just a a kind of there wasn't a role of the point when I met pay was very open ended young Jeffery said I think you should make norstrom. We've been awesome so I said yes sure more than happy to and then over the course of about six months lance he an iconic developed a job description style more organically than that so I guess to start with it was more just compensation every month or so and then I think is we continued. The conversation. We developed up's a more specific job description. Incidentally the job description itself is so changed two times already since I joined so it's it's an evolving. That's fast within a year yeah. It's never evolving. I guess to your point one of the one of the things that struck struck me most about Peyton and subsequently everyone that I met from the Nordstrom team was this solve hunger to develop the the business and grow and innovate. I think in itself as a as a company they're to me and my own sort of you've objective outside of viewpoint. I mostly British writing Kinda Hudson the accent. I'm a geography and so nordstrom. One of the most interesting interesting things to me is the standing that Nordstrom has business has within like the Americans old fashioned community a large because it's not something that I necessarily grew up with Bob. Everyone that you speak to has a Nordstrom story yet seemingly to me is the everyone aid grow up with Nordstrom and I found that super super interesting in certain states I think I'd made lanes in certain states the most our on the west coast and all that kind of stuff but yes you're right in in certain states the the two things that I kept coming up against if you like was a willingness to innovate and and a the very very strong emphasis on customer service those two elements and I think in today's you covered retail landscape. Those two things are very important and it appealed to me on a personal level for like those two things really appeal to men comes of the way that I think people need to innovate and personally foolish. I mean there's just so much to respect about. Nordstrom and I just love the fact I mean I keep reading that they're kind of taking the business back also from the portion of it. That's been with investors by right. That's true but there's no official comment from perspective stories in the Mall family owned business. Basically I think is public but the family thirty Eddie issue percents of options but I think that makes I think that makes a huge difference in terms of really understanding what services all around the short short term thinking in the stock market yeah exactly right exactly which is the problem that most of the department stores have is they have shareholders and the shareholders. There's want year-over-year gains quarter over quarter gains and you can't redesign your business in flight. If you have to think about we have to do better next quarter are rather than we have to be in business. In for years. I think for me yeah Cotonou Saturday coming on how all the paper approach it and definitely the constraints the the market has on other businesses or I can say in that regard is the name all of my conversations prior to joining and subsequently joining. It's never like what project are you going to do to make this quarter. We're thinking we all thinking more long-term the nat and one of the things I look after as part of my rollers vice president of men's fashion is this new concepts which is really all platform to tell brandon product stories and for that really we're trying to make sure that we take so two boxes so snow brand milk in in components is it made people feel differently about the norstrom men's proposition and to your point about the conversations of how the notion men's men's business shows off a warm. I doing there in order to change that and then the second part is bringing in. I always say it's customer acquisition. Listen so bringing in a new customer base but there is this additional par within that of giving all current current customer base you and exciting things because we hear anecdotally from the show flaws the our customers are super engaged and they want when you saw how you know you have the collaboration that you're doing that. Keep changing right in yes so the new concepts as a platform. We Union company. Which is the concept that launched at the beginning July right yes so union. Dan is an L. A. based street wear come design aware still. They have their union. La On the Brier they have that store in Tokyo and then they have their own website originally founded in New York in nineteen thousand nine so I'm arguably the First Multibrand Street West oiled authentic. Anyone can meet East. Take the accolade confirmed but that'd be a fair argument that unions the first of that and this concept which we launched is in eight. Stolz across Nordstrom plus online studying and exclusive capture collections one hundred seventy.
"nordstrom" Discussed on The Product Podcast
"Tool and being Nordstrom the way that we are when we implemented new tool, we don't just implement like the super simple basic beta version, it's like let's take the rocket ship version and see how far we can get and like put it in this compressed time line and just run with it. And so over the course of implementation like my manager left and the tools manager left, and like the three people left on this like far reaching twenty five hundred person project, and like I was the only one left holding this really ugly baby because nobody wanted plan view. But would it gave me was a really great opportunity to meet people? I networked Nordstrom is very customer relationship focused, and whether or not I was selling a really ugly tool and process, they were still like, hey, you're reasonably nice person. I'm going to build a relationship with you. And so it was tough because I carried a lot of like I was there to prove myself. Right. Like, I'm Nordstrom technology. I'm here doing this dream job of mine. And so about eighteen months later, I was actually asked to join what was the business architecture team, but then turned into the enterprise planning team, which helped plan the entire book of work for the technology organization within the corporate strategy department. So I spent about eighteen months there that was back when we had see that was maybe twenty sixteen. We had a big layoff. I don't know if anybody remembers that a few years ago there were about one hundred and thirty people within the tech org that were laid off and. We got reordered, and we're, you know, we're working in corporate strategy, nobody within technology really could articulate to the business what they were delivering and the business couldn't articulate to technology what they wanted. And so our team tried to help bridge that gap. At Nordstrom, we are divided from a tech perspective. There's about two thousand people within technology, and we're divided by delivery stack. So every business unit has a matching technology team. So if you're in supply chain, you have tech team if merchandising you have a team. Well, that's a beautiful idea. When he think about the fundamentals of how that all comes together. It is a giant dumpster fire. Sometimes. I only speak the truth. And so the group that I work for an actually Kim in the back. I brought her along tonight. She's on the product team with me. We support what we call the engineering team, which is kind of a loaded question, and it is really the foundational enablement of the entire tech organization and most of the business. So what that means is we provide networking to all of corporate campus all stores all racks anyone who needs networking like you walk in a store. Like, that's us. We give that to you. We also for the store environment provide all the regional IT. So a point of sale goes down, or there's some sort of server that dies or whatever issue in the store technol- technologically. That happens we have people on the ground that come in and provide support to be able to enable that to be fixed quickly. We also provide what we call the platform. So. Nordstrom single sign on offense occasion for customer vendor. And what we're calling consumer now not. Customer which is consumer vendor employee. My apologies. I'm getting a little head of myself. We also do API management global traffic management developer tool so things like slack JIRA confluence, the atlassian, stack sorts of things, and then we have kind of like this overarching layer. So I like to think of it like a pancake and this over arching layer. That is like support services and collaboration. So literally like all of Microsoft tooling, the support or service desk. So if I have a problem with my password or a need a new laptop or something else like you can call us, and we will come help you either in person or over the phone. So in general, we. Had never had a product team in the entire history of north technology. So when I say that we started from the ground up like that's not an understatement. So my current boss. His name is Travis Mackel fresh. He is the SP of our part of the organization. He started I was an enterprise planning at the time. He started like in July, and I was asked by my previous boss to go. Help him sort out his business, right because we're like trying to get the business and technology to talk the same language. And so I was like, hey, I'm here. I'm gonna help you. We're going to get through this. And I was like, yeah. Go ahead. So yes, thank you, sir. 2016 still. Yeah. So we had this really big riff, and then we like tried to implement this. We didn't try we implemented this entire reporting system that was. ET executive team focused, and then we were trying to propagate that. And that was part of my job was to get my boss Travis to really understand like, hey, this is the level of reporting. This is the judiciousness that you need to take. This is how you need to speak about your book of work because it was really like a standard deliver like what's tech delivering. And so here's Travis. He's like, well, what do I do? Like, what is my team do and Kim like you cannot go back to work until all these people like you're in the code of silence sister. So Travis is like I have no like he had just started and think about being a VP of an organization of about five hundred people like it's really hard to get your arms around your work. Right. Like, how do you figure out if you don't have a product team, Mike somebody tell me how do you figure out? What's going on in your org? Says anyone have a suggestion radio? Yes. Go ahead. Okay. So
"nordstrom" Discussed on KOMO
"There's word that Blake Nordstrom has died. Komo's Bill O'neil has more. We're told the fifty eight year old who led the Seattle based retailer with his brothers died. Early Wednesday morning. The company says it's executive leadership will continue under the direction of co-presidents Pete. And Eric Nordstrom last month. The Seattle times had reported Nordstrom plan to reduce his travel schedule in the coming months while beginning treatment, but told the securities and Exchange Commission he had otherwise plan to continue working through the process below Neil. Komo news and Nordstrom stock today. Taking a little bit of a dip. When that news was announced back to its previous gains higher by close to two percents. Takes us toward our propel insurance money update with Jim Cesco. The first Wall Street session of two thousand nineteen was similar to a lot of those from two thousand eighteen volatile trading. Stocks spending much of the day in negative territory. Did finished slightly higher. The Dow Jones industrials rose eighteen points. The NASDAQ gained thirty the SNP edged up three points. Wall Street is coming off its worst year since two thousand eight but some market watchers are confident we'll see a better twenty nine thousand nine for US. Stocks warden school, finance professor. Jeremy Siegel said on CNBC earlier today that even with slower economic growth, he expects a rebound between five and fifteen percent for the market index is this year. That's your money. Now, local stocks were mixed today. Again, we mentioned Nordstrom stock higher by about two percent, Microsoft. Starbucks Expedia down by close to a half percent, Costco, Boeing, Amazon and Alaska Airlines all higher Amazon the big winner of the day up by nearly two and a half percent. Aaa traffic is straight ahead. Are you ready to get in every day? I wake up at five to give dad his medicine. Every day. I wake up at five to.
"nordstrom" Discussed on You Need a Budget
"Don't want to really carry a balance that would be really sacrileges so what nordstrom card is affecting doing is it's gathering up all of the activity that i had to deal with in that clothing category and it's giving me one number at the end of each statement you know once a month it saying here are clothing expenditures net of any returns so if julie spends we you know we budget a thousand and julie were to spend that fifteen hundred and then say oh no some of it will be returned if she claims that the returns will happen so fast and everything will work out so well that when we actually make the payment on the credit card that will be the only thing that is on the budget the payments to the nordstrom card will be a clothing outflow from our wine out budget and i won't have to see all the details inside all of the ins and outs and ins and outs and split shipments and all the things that bugged me that one card is just for all of clothing we debated using prepaid card we debated using cash that doesn't work because of the online aspect of this the prepaid card i almost went down i couldn't get comfortable with the fee that we found at least when we looked you know kinda close so we just went with the card the payment is automatic it's one big fat clothing transaction every single month and if that goes over budget then we have a discussion but if it's within the within the clothing budget if that net payment amounting the clothing budget then i'm good to go i don't i won't even care i don't have to we don't have any conversations about at all i wanted to be as boring as the christmas category where you just fund it and you.
"nordstrom" Discussed on You Need a Budget
"The recycle this whole churn just was bugging me me everything about it so finally we came up with a very sacrilegious idea and i put it out here i because this is where i do all my experiments in public on the podcast here is the idea this is not an endorsement endorsement of nordstrom but julie has this emotional attachment to the idea of norstrom credit card if you have a question you can ask her about it i don't know how email me and i will pass it along but she has this emotional attachment to nordstrom she falls prey to all of their gimmicks and she laughs when i point them out because she knows their gimmicks she still likes that store so maybe because their return policies so friendly that actually makes a lot of sense now anyway we got a nordstrom credit card now we did not do it for the points if there are any we do not do it for any kind of loyalty we did it because the new nordstrom card is very distinct from the other only card we use which is a very plain vanilla visa card and obviously our checking account that gets very little activity everything goes on the visa everything until now where julie and i do not carry one but she carries around this nordstrom card all clothing purchases will go on that card all of them not just at nordstrom she she shops she's not married in shopping experience at nordstrom she could give you ten reasons why it's so fantastic but any store old navy gap banana republic they're all on by the same company i i'm out of ideas on other clothing stores target even costco has clothing so all of it will go on the nordstrom card now here's the next the next bit of sacrilegious behavior in the making household the nordstrom card is not on the budget at all i know i also a little bit nervous but just bear with me here she has the nordstrom card we'd got it i am mmediately went online and set up the online account and set it up to auto pay the balance in full from our checking account because obviously we.
"nordstrom" Discussed on Recode Replay
"So do we know everything's going on the customer no i don't think that but what we're kind of clicked for me as senator kind kind of explain these things sharing data and that was hard for us to to deal with that kind of quaint into a shopping center retailers when we go into shops there we wanted to be with the best retailers in the world to make a great center you need the best retailers around us now once we're there we compete like allen and we want to take him down and we want to win the customer but you're trying to win on the things that are really courtier brand a lot of data kind of foundational level that has individual retailers or mall operators or brands or a medium content providers on its own in a silo is not very powerful but together can can give us a foundation and then then we can compete on the things that are unique char brand and try to win customers outweigh on that thread about competing and doing what you do best and having that v differentiator we were talking earlier about you know public company investors looking at you know physical and digital and as two separate things over the last couple of years nordstrom has made a couple of acquisitions one in particular that kind of bridges built which is trunk club it was a couple years ago now remember some angry interactions with nordstrom as i broke the news of that but we'll see but i i didn't know that their story their story.
"nordstrom" Discussed on WFAN Sports Radio_FM
"Second still june carolina on first period goals by slaven and stephania and all that four the hurricanes yorkie nordstrom coming into tonight did not have a point it is last eight games as he goals to assist early on this year assist in that first period so ends was drought nordstrom pulse off here in ireland rice right circle to the left of y'all again the canes at fifty three point eight percent success on face offs number one in the nhl and here's the aforementioned nordstrom against matt bahr zell and it's nordstrom with the wind right point faulk pumps it behind the internet nordstrom spun around by public there as they battled for the buck suits to the near corner and thomas it up the boards for the islanders jordan naturally trying to get it out couldn't turn it over canes dump it right wing corner nordstrom and fully again lock arms here behind the goal incomes bars l to steal it had a great season series against these games with a goal and three assists four points in the three games walker save here by lock on the fox dry from right point and trying to get it out of his own and with the help of everley hits pavilion right wing over the carolina line shot on goal blocker save by scott darling and the canes outlet in transition victor rask at the our line left side nordstrom nice drop pass shot deflected off yarl's waffle and into the netting we'll take a timeout to nothing hurricanes thirteen eleven to go in the second half the bar listening to new york islanders hockey on the islanders radio network.
"nordstrom" Discussed on MarketFoolery
"Capital light they don't have to manage as many people in as many facilities so uh yeah i mean i do agree that amazon is looking to get a little bit more of a bricks and more presence target seems to be a bit of a bigger one than i i think even days would would want to take on this okay so few months ago molly fullbody chris interviewed scott callaway he's the nyu business professor he's written this great book called the four of he predicted that amazon whereby whole foods and he at the time this is a few months back he thought that the next logical acquisition frame is on is nordstrom so if you had to bet on either amazon buying target or amazon buying nordstrom what are you bet on have to battle one nordstrom for sure because i think nordstrom is provide something than amazon's looking to get more into if you look at the you know their growth in luxury beauty or their growth and fashioned apparel norstrom is a little bit more of a a window angle into that world laws or die multi i know most dominating nordstrom has a particular following a particular quality and and class to it that i think amazon's interesting rig into 'cause i think when people think of highend fashion or luxury payroll or or really fancy department stores they probably just don't think of amazon right now we're amazon's brand but they would i think with nordstrom um side so i i definitely go for that over over a target easily be a far more made it a lack of vision in consider manageable much more manageable considerably smaller than target uh any amazon is is making inroads in in into fashion a but with that said i i really don't see either one of those companies becoming a part of the ems on family anytime soon i mean as a shareholder i certainly wouldn't want to see that happen any times it i mean they they would just be a scillies capital honestly yeah the story the story with amazon i think is an angry i just don't think buying a big another big brick and mortar operations the right thing to do the store for me with amazon think jason i talk about all the time it's just that it's the value that customers are placing on their time now for says price.
"nordstrom" Discussed on Amazing Business Radio with Shep Hyken
"What's that debt your choice in a as so if you want to if you need some help i note if you go through the regular transaction there are some people who don't want to deal with sales people i have a thirty year old daughter she would rather just do everything uh on her own and if i need your help i'll ask you for it uh at so you need to cater to people like that again it's giving the customer the choice it's it's so since the customer is in charge however you want to i from us we will make it as easy for you as possible it's a very simple concept but it's very difficult to do because it companies are always making it more complicated than it needs to be uh in one of the other new concepts with nordstrom is testing is a and it's opening up on october sirte in west hollywood california it's something called nordstrom local yep ira is right it's it's it's three thousand square feet a typical nor to stores 150 thousand a two hundred thousand square feet so it's only three thousand square feet there is no merchandise in the store no march eyes no merchandise in the store but there are of start personal stylist there who are equipped with a digital style wars to they could create personalized fashion recommendations uh a you could you on your phone or you could purchase through nordstrom dot com uh if you eat a certain purchases earth you were glittery if you order before two pm they'll get it to you that same day there's also a you can get a manicure there you can get alterations of me you can have some beer in wider some juice and.
"nordstrom" Discussed on Amazing Business Radio with Shep Hyken
"That's right people are who they are so you know rather than than than try and take somebody who doesn't buy into it and you know you you you find those that those people who do you score 100 percent every time will know you don't score 100 percent at every time and anything but it's it's it's making that effort finding those people motivated none motivating them because people i think the selfmotivated and a nordstrom uh because all sales people are on commission ilk an hourly wage their employees but their empowered to create their own business to be an entrepreneur within it and archer within within a company and what one other thing i wanted to mention about trust which you had brought up in terms of returns so if i may a salesman an ice on i'm selling you suits and i see ship pike and coming in to buy department and yet mi can a cell youth them the the most expensive thing the cutting edge fashion because i think a you know it will be you know i i can kind of i'm working with that vendor and also more stuff that it's a big ticket item uh no i'm not going to do that work as i want you to trust me because i know that if you don't like it you're going to return it so what's the point so let's build up a trust that when you want to come in for a suit or for a president for somebody else you're going to come to me because you trust.
"nordstrom" Discussed on Amazing Business Radio with Shep Hyken
"Right well uh that that's why it's number one uh you know all these these these chapters are in the order in which they are for a specific reason so trust trust as you know shop is is the basis of all relationships whether in its business or personal an suit nordstrom wants to establish that trust with their employees obviously with customers with partners with vendors to head his nordstrom of the illustrate this trust see you you you've been hired at nordstrom you come to employ orientation an deficient to several other a bits of paper materials you get you get uh the nordstrom employee handbook in the north employee handbook is a five by seven card which says on one side essentially welcome to nordstrom were glad to have you with our uh company uh we have only one rule you flip the card over ince's use good judgement in all situations that's the only rule use good judgement in all situations so if i think that you have judgment what what other measures of trust you need that i've hired you you you know as one nordstrom executive said to me we you know i tell people you're not uh you're not good because you're at nordstrom you are it nordstrom because you're good and so easy note yougive most people in a a you had i'd be both do similar things that we eat a work with with companies it we have a break out sessions and in i do that in my talks and were people brainstorm on different ideas and when i see people who are on the front lines give ain't telling people how they can do their job detter strike i come away with three immutable truths one is that most people want to do a good job rights right most people wanna feel a part of something bigger than themselves yup and third parties up it's up to management to make those things happen.
"nordstrom" Discussed on Finding Mastery: Conversations with Michael Gervais
"Are welcome back or welcome to the finding masri podcast a michael debeve and the idea behind these conversations is to learn for people who are on the path of mastery we want to understand what they're searching for like the deep yearning the calling that they have we also want to understand the psychological framework that that drive and not calling sits on in psychological framework as a fancy phrase for your how they make sense of how the world works how they work how people work how they explain events in their life how they think about the future and then we also want to understand the mental skills that they have used to be able to build than we refined their craft now this conversation is with john nordstrom of the nordstrom high quality fashion retailer primarily based in united states and whose history has gone from a small shoe store up in seattle washington to having overthrown or fifty large luxury department stores to being publicly traded on the new york stock exchange and two right now being in the middle of a potential family by back it's a phenomenal story of literally principal base growth that they captured an opportunity and they did right by the way that they conducted their business now this conversation is about a man who cares about others period he cares for his family he cares for its customers he cares for business and it's authentic it just loses out of john and it's one of the reasons the nordstrom family business nordstrom company has been so successful flat out very clear authentic carrying.
"nordstrom" Discussed on BizTalk Radio
"The trucking company who left it in the rain but it absolutely not nordstrom maitland in any of those scenarios nor not the responsible party they didn't leave your shoes you left your shoes in the rain rohrer the delivery guy let your shoes and the rain in so somebody has to figure that out but no matter who in that scenario we we know it's not nordstrom yet the salesperson nordstrom in pennsylvania said instead of saying you need to file a claim with the trucking company which is what you would expect say instead she said and so incredibly sorry that that happened i'm bringing over a brand new pair of shoes will you be hauling 45 minutes oh my gosh whoa right that's brilliant right okay so not nordstrom need to file a claim with the trucking company and you need to go figure that out over there but it's over am i want a brand new shoes it it as dreamers will you be human 45 minutes whoa that allow customer service that's that people taking care of people it's not about the transaction not about policies and procedures rates it's about i'm so sorry i'm sorry that that athens you'd let me let me figure out how to take care of that would be amazing if we all just took a step in that direction energy is not rocket science yeah i'm driving into the parking garage in their six senior they've this big asphalt truck is in the interests joe eight this is not a chance of a chance to be irritated because there is a truck gary how big track blocking the entrance it just kenneth recognize a key they got it sometime rounds go over here and and.