If you had all power and a well funded budget, waht would you do?
6 replies (most recent on top)
clean out HR starting with the Chief Human Resource Officer.
Reduce costs by all means, time to rebuild. I would eliminate npg for now it’s a lost cause at this point too much overhead spent on tiny orders no profit. Get buyers and nmg in order both e-commerce and brick and mortar need assortment overhaul and that team needs major restructure don’t hire from stores get good tech, buyers with external expertise fire old management and be ready to embrace change. Also stop those old school all star meetings for corporate it needs to have more strategic business environment not smile awards. Get this in order or it’s bankruptcy.
Sh–down. No footure
Clean house-you do not need that many ppl in management, especially when they maintain the toxic work culture. Hire ppl with relevant experience from outside; could do with a different perspective rather than within where this is the only place they’ve worked. Invest in e-commerce and shipping(can’t compete when Shopbop and other retailers offer free 3-day shipping). Cut down on in house brands as overextended. Hire buyers who buy for the customers, not for themselves-what is with the assortment lately. Basically this place needs a full overhaul if Nordstrom wants to survive.
Nordstrom doesn't really have a future, but if I had to start somewhere, shut down all of those dead suburb mall locations throughout the country. Mall retail is over. Shutdown all downtown metro locations as well (anyone want to go shopping in downtown Seattle? Oh wait).
Become an e-commerce company or enjoy bankruptcy.
My read of the latest 10-Q, all of Nordstrom's cash-on-hand is borrowed, between the $800MM revolver LOC and the $600MM senior notes paying 875 bps.
Amazon borrows on a similar duration for 80 bps, and can borrow shorter-term for 40:
Nordstrom is in a terrible spot.