Upscale apparel retailer Nordstrom, Inc. (NYSE:JWN) also has been very flexible in changing the product mix to cater to the New Frugal customer. People with less money to spend that still have some money to spend want quality and great service. They get that in Nordstrom stores.
And now Nordstrom is taking share from other department stores and will continue to do so for the foreseeable future — a growth story in a 2% growth industry. If we see the broader market stabilize soon, JWN shares will look like a big bargain here under $38 — especially if the holiday sales are robust.