Nordstrom: Mission | Vision | Core Values (2020)

Company: Nordstrom
CEO: Erik Nordstrom
Founders: John W. Nordstrom Carl F. Wallin
Year founded: 1901
Headquarter: Seattle, WA
Number of Employees (2019): 74,000
Type: Public
Ticker Symbol: JWN
Annual Revenue (2019): $15.86 billion
Profit | Net income (2019): $564 million

Did you know that one of the founders of Nordstrom was an immigrant from Sweden? John W. Nordstrom left his home country at 16 years old in 1887 and came to America with only $5 to his name and unable to speak any English.

Nordstrom’s Introduction

With a store in almost every major American city, the luxury department store is one of the most popular and largest retail chains in the US, hosting 800 million online visitors annually and 35 million instore customers last year.

The company’s popularity and success are due largely due to their focus on customer experience, quality, and value. In 2019, Nordstrom raked in $15.9 billion in annual revenue and continues to grow.

With over a hundred years in business, Nordstrom has grown its business from a small shoe store to a unique and comprehensive shopping experience people keep coming back for.

Nordstrom’s Mission Statement

“Our mission is to continue our dedication to providing a unique range of products, exceptional customer service, and great experiences.”

What It Means

Best Customer Service

The shopping experience starts and ends with the customer service experienced by the shopper. That’s why Nordstrom focuses on providing the best customer service to all who walk through their doors or shop online.

The easy-to-use factor of their website Nordstorm.com, which provides free shipping and returns, and additional services they offer in-store such as restaurants, coffee shops, and even spas are all credited to the growth of the company and their enduring success.

Selection and Quality

Nordstrom believes that the selection and quality of what they’re selling are of the utmost importance.

In the words of John W. Nordstrom, he believed

“success would only come from offering customers the very best service, selection, quality, and value.”

Value

Nordstrom strives to give customers the exceptional value they expect when shopping at a Nordstrom store. A big factor in Nordstrom’s success and popularity the luxury and quality of the apparel and merchandise the retailer sells, often at better prices than other high-end retailers.

Nordstrom’s Vision Statement

“We believe fashion is a business of optimism, and in that spirit, we continue to grow and evolve. Free shipping and free returns, mobile shopping, and exciting new retail partnerships offer us continued opportunities to serve more customers in more ways with a fresh, relevant shopping experience and inspiring style. Fashion changes. Shopping changes. Our commitment to happy customers doesn’t.”

Continue to Evolve

Fashion and retail are two ever-evolving sectors, as the latest trends in fashion are always changing, and the way consumers shop continues to shift over the years. As such, a fashion retail business like Nordstrom needs to stay ahead of the curve and continue to adapt its business to meet consumers’ needs.

Unchanging Commitment to Customers

While Nordstrom wishes to continue to evolve as a retailer and seize new opportunities in the fashion and shopping world, the company resolves that its commitment to customers will never change, as the customer will always be a #1 priority.

Nordstrom’s Core Values

The two pillars of Nordstrom’s core values are community and environment.

Nordstrom practices these core values by taking care of the community and respecting the environment.

Leave it better than we found it

In a press release from Nordstrom about their initiative, Nordstrom Cares, a Nordstrom spokesperson stated,

“We believe one of our most important responsibilities is to support the people who support us, including our customers, employees, and the people who make our products. We’re working hard to give back to the diverse communities where we live and work, and to create a culture where our communities feel welcome, respected, and appreciated.”

Respecting the Environment

In recent years, Nordstrom has focused more effort and energy on new and improved initiatives to reduce waste and environmental impact, especially in the fast-paced and high consuming fashion industry.

Through their recent steps, Nordstrom has made specific efforts to reduce carbon emissions, use fewer natural resources, minimize waste, and present sustainable and ethically made products to customers.

When asked about their actions to help the environment, Nordstrom stated in a press release,

“We work hard to be a company that our employees and our customers can be proud of. For us, that means doing our best to support the many people and communities we serve. It also means respecting the environment by reducing our impact and conserving resources where we can.”

Conclusion

Nordstrom’s mission, vision, and core values are clear. The company uses these driving principles to model their brand and business based on customer service, quality and value, and social and environmental impact.

When asked about the company and its goals, Erik B. Nordstrom, President, and CEO of Nordstrom, stated,

“Above all, our number-one goal remains focused on improving service for customers so that people feel even better about the time they spend with us.”