ExecutiveMemo of Nordstrom
ExecutiveMemo of Nordstrom
Nordstromis the leading fashion specialty retailer which offers compellingaccessories, clothing, and shoes for children, women, and men. Thecompany has an inimitable strategy compared to other companies in thefashion industry, for example, it has copious galleries in indifferent malls situated in various countries, which is rare for anyfashion firm.
TheNordstrom has a new pronounced project of launching a pilot scheme tomarket and sell its products within its warehouses. The project isprogrammed to take place at Canada and United States of America(Brettel, Strese & Flatten, 2012). The two countries have beenpreferred since they have multiplex retail centers and also abundantresources such as cotton and leather used in clothe and shoe makingrespectively. The launch is scheduled to take place on Saturday andit will definitely result into a distinctive experience with newfashions being displayed. The company will also add new stores fortheir trunk club houses in these countries to promote convenience.
Ifthe pilot project thrives well, the company will decide to expand itspartnership with more fashion industries by providing them with thenecessary materials. This particular project will allow Nordstrom tonippily expand its present retails which presently stand at 216storefronts internationally.
GaneshSrivats, a former Nordstrom deputy president for America sales, isone of the sources of information about the company. He had a superbexperience during his Burberry executive prior joining Teslaautomaker. He apparently had an instrumental duty in setting upseveral initiatives with different retailers thereby creating abroader market for the firm’s products. Through twitter andFacebook, customers are able to see the company’s products byliking its page.
TheNordstrom company rack stores target mostly middle-class clients whohave developed a good taste for its products. The middle classconsumers therefore act as a source of information when they put onthe company’s products especially during weddings and festivals. When other people see the products, they admire them thereby,developing taste and preference for the products.
Nordstromalso wish to attract Millennial- consumers who are in the range of 15to 35 years. These consumers will be well informed about thecompany’s products which they purchase so that they can become oneof the many key drivers of the firm’s online business (Chesbrough,2013). The company hopes to serve the Millennial through ushering inprominent brands such as top shops and via investing greatly indigital techniques or channels. For example, E-commerce has becomeone of the fastest growing channels for the company. Due to the E-commerce channel, the company expects the Nordstrom racks and theonline business to make over fifty two percent of revenues.
Thecompany also has got a website which contains very importantinformation about its compliance plans and the various requirements. The website also provides information about the firm’s location,products, customers, and methods of delivery (Byrd, 2014). Theparticular information on the website is periodically updated and maychange without any notice. However, for the new vendors who use thewebsite, a power point has been created known as supplier compliance.The power point contains a number of helpful information about thecompany and its workers.
Notably,any question regarding a change on the company’s services can besent to Nordstrom supplier compliance via clicking contact us &resources after which you select feedback from the ‘send to’options list.it is worthy to note that Nordstrom equally faces stiffcompetition from high-end stores such as Neiman Marcus and SaksAvenue who offer the same products.
Inconclusion, the Nordstrom Company believes that fashion is a virtuousbusiness of mainly optimism, and due to that, they continue to evolveand grow. Free returns, free shipping, exhilarating new retailpartnerships, and mobile shopping offer the company moreopportunities to serve many customers globally. The firm as composeda slogan which states that fashion and shopping change but theircommitment to jovial clients does not change.
Brettel,M., Strese, S., & Flatten, T. C. (2012). Improving theperformance of business models with relationship marketing efforts–Anentrepreneurial perspective. EuropeanManagement Journal,30(2),85-98.
Byrd,M. Y. (2014). Exploring the relationship between the organizationalculture and diversity in the workforce. In Diversityin the workforce diversity: Current issues and emerging trends(pp. 59-71).
Chesbrough,H. (2013). Openbusiness models: How to thrive in the new innovation landscape.Harvard Business Press.