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Nordstrom strengthens market strategy amidst Covid-19

May '20
Pic: Nordstorm
Pic: Nordstorm
Nordstrom Inc, a fashion retailer, has announced that its market strategy has enabled customers to shop seamlessly across multiple touchpoints including its two brands Nordstrom and Nordstrom Rack, in stores and online. More than half of Nordstrom’s store sales involve an online journey and a third of online sales involve a store experience.
“We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations. The impact of Covid-19 is only accelerating the importance of these capabilities in serving customers,” Erik Nordstrom, chief executive officer of Nordstrom, Inc said in a press release. 
More than ever, we need to work with flexibility and speed. Our market strategy helps with both, bringing inventory closer to where customers live and work, allowing us to use our stores as fulfilment centres to get products to customers faster, and connecting digital and physical experiences with services like curbside pickup and returns.”
To meet accelerating changes in customer expectations, the company is taking actions to strengthen its business for the long-term. Based on the needs of each market, the company plans to permanently close 16 full-line stores. The company will incur non-cash impairment charges associated with these closures.
Nordstrom stores continue to be a core part of the business. With stores being temporarily closed since March 17, Nordstrom plans to reopen stores in a phased, market-by-market approach where allowed by local authorities and with the health and safety of employees, customers and communities as a priority. Given this phased approach, the company is shifting its Anniversary Sale event from July into August.
Throughout the crisis, Nordstrom continues serving customers through its scaled e-commerce business, representing one-third of 2019 sales, including a robust off-price online business that exceeds $1 billion. While stores are temporarily closed, the company is generating solid online traffic and conversion and clearing excess inventory through increased marketing and promotional efforts.
The company is on track to deliver on its savings plans and continues to pursue further efficiencies across the organisation while investing in technology and supply chain capabilities.

Fibre2Fashion News Desk (JL)

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