Nordstrom Sees Bright Spot On The Horizon
Department stores have been put through the wringer lately but Blake Nordstrom, president of the retailer, is "cautiously optimistic about 2009" believing that the worst may be over. On Tuesday at the company's annual shareholder meeting in Seattle, Nordstom said that he his company is committed to improving customer service and plans to open its first store in San Juan, Puerto Rico in either 2013 or 2014.
As part of the meeting the company celebrated two of its top-selling vendors with its annual Partners in Excellence Award, this year the recipients were UGG and Jimmy Choo, proving that shoes still do well in a down market. The company sold 1 million pairs of Ugg shoes last November and December. Nordstrom's first-quarter profit was down 32 percent but that beat Wall Street expectations and the stock has been rising steadily this year.
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