In a family-run business, it's not unusual to see the same last name repeated in the executive ranks and on the company board, but Nordstrom — a publicly traded company — may be the first to have three brothers as presidents.
On Tuesday, Nordstrom announced that brothers Blake Nordstrom, 54, Pete Nordstrom, 53, and Erik Nordstrom, 51, are now co-presidents of the 114-year-old department store chain. The title changes are largely symbolic: Neither their current responsibilities nor their compensation will be altered, according to a statement from the company.
Previously, Blake served as sole president of Nordstrom, a role he's held since 2000. Pete held the title of executive vice president of Nordstrom and president of merchandise and marketing, while Erik also held the role of executive vice president of Nordstrom and president of Nordstrom.com. Blake has been a member of the company's board since 2005; his brothers have occupied seats since 2006.
While other high-end department store chains have struggled in recent years, Nordstrom's consistently good performance — which it attributes largely to its emphasis on customer service, its embrace of e-commerce and the steady expansion of its off-price Nordstrom Rack stores — has doubled its share price over the past five years. The Seattle-based chain currently operates 303 stores in the U.S. and Canada, including 177 Nordstrom Rack locations and two Jeffrey boutiques. It also owns two online-native retail companies: flash sales site Hautelook and men's personal shopping service Trunk Club.