Perhaps it bodes well that Nordstrom, whose financial straits have lately been regarded as an industry litmus test, reported a 7.5 percent sales increase in July 2001 over a year ago. Same-store sales were up 1.8 percent, including a notable increase in the women's, junior women's, women's active wear and intimate apparel categories. And same-store sales in full-line stores increased 5.3 percent during the first 11 days of its Anniversary Sale (July 20-July 30), compared to the same event days in 2000.
The Seattle-based retailer also announced that it is beginning construction on its new store at The Village of Merrick Park (Coral Gables, Fla.), a month before it opens its new store at International Plaza in Tampa. It was only a year ago that Nordstrom opened its first Florida store, at Town Center (Boca Raton). In the next two years, Nordstrom plans additional Florida locations in Orlando (2002) and Wellington Green (2003).
And on the eve of the monthly flurry of sales reports, other retailers experienced upswings in the stock market. Dillard's stock price increased 4.8 percent, The Limited went up 4.5 percent, The Gap climbed 3.9 percent and Rite Aid Corp., which reported a 10.1 percent jump in July same-store sales, saw its stock rise 2 percent. This despite the report earlier in the week that a glut of unsold denim merchandise was responsible for apparel retailing stocks falling sharply on Monday, August 6, amid worries that a shaky stock market, weak economy and continuing layoffs drove shoppers away from fashion aisles to discount stores in July.