Bruce A. Nordstrom (born October 1, 1933) is the former chairman of the retailer, Nordstrom, Inc. He ran the company from 1968 until 1995 and resumed his position as chairman in 2000 until 2006. He is an active philanthropist in the Seattle community and listed as one of Forbes wealthiest people in 2012.
Early life and family
He is the grandson of John W. Nordstrom, founder of Nordstrom, Inc., which began as a shoe store in 1901. At the age of 9, Bruce Nordstrom began his career at the retailer working the stockroom and sales floor of Nordstrom’s downtown Seattle store, making 25 cents an hour. Bruce continued working under his father, Everett Nordstrom and uncles, Elmer and Lloyd Nordstrom, until he pursued college.
He graduated from the University of Washington in 1955 with a bachelor’s degree in economics. While at Washington, Nordstrom became a member of the Beta Theta Pi Fraternity.
Career
For more than 40 years, Nordstrom led Nordstom, Inc, growing it from seven shoe stores to more than 156 stores in 27 states, and a European chain of boutiques. During his tenure, he helped grow the company from under $40 million to $8.6 billion.
In 1963, Nordstrom was named a president of Nordstrom, Inc. He became board co-chair in 1968 alongside cousins James and John, cousin in-law Jack McMillan, and family friend, Bob Bender. They made up the third generation of Nordstroms, who led company expansion and profitability until the 1990s, when they began to retire.
In 1995, Nordstrom retired as co-chairman. The company leadership was restructured with Nordstrom’s sons – Blake, Pete and Erik in leadership roles alongside a new CEO, John Whitacre. From 1995 until 2000, Nordstrom sales decreased and the company executed a marketing campaign to modernize the brand that was not well received. As a result, Whitacre left the company in 2000. Nordstrom returned as chairman for the second time, joined by his three sons in a new generation of leadership. The stores began to slowly turn around as the Nordstroms moved the focus back to employees. Profitability followed; in 2003, the company reached record revenues of $6.5 billion.
Nordstrom retired a second time in 2006, with Enrique “Rick” Hernandez Jr., a Nordstrom board member since 1997, taking on the role of chairman. His sons remain board members and company leaders.
In 2007, Nordstrom co-authored Leave It Better Than You Found It, a book documenting the history of Nordstrom Inc. and its philosophy.
As of October 2015, he had a net worth of US$1.54 billion.
Summary
| Bruce Nordstrom | |
|---|---|
| Born | Bruce A. Nordstrom October 1, 1933 |
| Residence | Seattle, US |
| Nationality | American |
| Alma mater | University of Washington |
| Occupation | Former chairman and CEO, Nordstrom |
| Known for | Owner of over 10% of Nordstrom |
| Net worth | US$1.54 billion (October 2015) |
| Spouse(s) | Jeannie Nordstrom |
| Children | Blake, Erik and Peter Nordstrom |
| Parent(s) | Everett Nordstrom |
| Relatives | John W. Nordstrom (grandfather) Anne Gittinger (sister) |
- Bruce Nordstrom and his sister, Anne Gittinger, are the largest individual shareholders of fashion retailer Nordstrom Inc.
- The department store chain was founded by their grandfather as a shoe store in 1901.
- Nordstrom became president of the family company in 1963 and retired as chairman of the board in 2006.
- During his tenure as chairman, revenues grew from $40 million to $8 billion.
- Nordstrom Inc. now operates more than 300 stores across the US, Canada and Puerto Rico.
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