How has Nordstrom survived and thrived since its founding as a modest shoe store in 1901?
By constantly dealing with whatever challenges come their way- two world wars, the Great Depression, various recessions, the everchanging world of fashion, the rise and impact of Amazon, the aftermath of the George Floyd killing, and the COVID-19 pandemic.
Transformation is essential to survival. Any company in any industry that aspires to endure must be in a perpetual state of transformation. If you're standing still, you're falling behind. Nordstrom is not the same company today that it was five years ago. It will be a different company five years from now. While Nordstrom adjusts its practices according to changing times and mutable markets, it holds fast to core values that underpin its culture, particularly its laser-like focus on customer service, be it in brick-and-mortar stores or on digital devices. Historically, Nordstrom's strategy for survival is built around the acronym F.A.C.T.S.: • Flexibility • Agility • Communication • Transformation • Social Responsibility
Looking for a blueprint for long-range success? The Century-Old Startup has the answers.
How has Nordstrom survived and thrived since its founding as a modest shoe store in 1901?
By constantly dealing with whatever challenges come their way- two world wars, the Great Depression, various recessions, the everchanging world of fashion, the rise and impact of Amazon, the aftermath of the George Floyd killing, and the COVID-19 pandemic.
Transformation is essential to survival. Any company in any industry that aspires to endure must be in a perpetual state of transformation. If you're standing still, you're falling behind. Nordstrom is not the same company today that it was five years ago. It will be a different company five years from now. While Nordstrom adjusts its practices according to changing times and mutable markets, it holds fast to core values that underpin its culture, particularly its laser-like focus on customer service, be it in brick-and-mortar stores or on digital devices. Historically, Nordstrom's strategy for survival is built around the acronym F.A.C.T.S.: • Flexibility • Agility • Communication • Transformation • Social Responsibility
Looking for a blueprint for long-range success? The Century-Old Startup has the answers.
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