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Blake Nordstrom, Peter Nordstrom
President; President, merchandising; Nordstrom Inc.
2008 Rank: 2
Like many of the top luxury retailers, Nordstrom has been double-punched this year by consumers’ drastic spending cuts and vicious price wars in the department store channel. In the second quarter, same-store sales at full-line Nordstrom stores fell 12.3 percent compared with the same period in 2008, and net earnings dropped 27 percent. However, Blake, 48, and Peter, 47, did see some reassuring traction with Nordstrom Rack stores, up 0.8 percent in the second quarter, and the Nordstrom Direct division, which jumped 3.5 percent from last year. With that in mind, the retailer is barreling ahead with expansion plans, under the direction of the third brother, Erik Nordstrom, 45, president of stores. This fall, the company opened one Nordstrom store in Cincinnati and six Nordstrom Rack locations across the country, bringing the total to 181. In 2010, it will bow three full-line stores and 12 new Nordstrom Racks (including its first in Manhattan).
Power Players: Erik Nordstrom, president of stores; Jack Minuk, EVP, GMM, shoe division; Jeffrey Kalinsky, EVP, designer merchandising