Nordstrom, Inc. and subsidiaries  7
We are continuing our plan to accelerate the number of new Nordstrom Rack store openings. New store openings both at the Rack and in 
our full-line stores involve certain risks, including the availability of suitable locations, constructing, furnishing and supplying a store in a timely 
and cost-effective manner and properly balancing our capital investments between new stores, remodels, technology and ecommerce. In 
addition, we may not accurately assess the demographic or retail environment for a particular location and sales at new, relocated or 
remodeled stores may not meet our projections, particularly in light of the changing trends between online and brick-and-mortar shopping 
channels, which could adversely affect our return on investment. We also intend to open stores in new and international markets, such as 
Canada, Puerto Rico and Manhattan, and expansion will require additional management attention and resources and may distract us from 
executing our core operations. In addition, competition from strong local competitors, compliance with foreign and local laws and regulatory 
requirements and potentially unfavorable tax consequences may cause our business to be adversely impacted.
As we execute our plans and continue to evolve and transform our strategy, we may not adequately manage the related organizational 
changes to align with our strategy or appropriately monitor, report or communicate the changes in an effective manner. In addition, we may 
not gather accurate and relevant data or effectively utilize that data, which may impact our strategic planning and decision making.
Our stores located in shopping malls may be adversely affected if the consumer traffic of malls decline.
Many of our stores are located in desirable locations within shopping malls and benefit from the abilities that we and other anchor tenants 
have to generate consumer traffic. A substantial decline in mall traffic, the development of new shopping malls, the availability of locations 
within existing or new shopping malls, the success of individual shopping malls and the success of other anchor tenants may negatively 
impact our ability to maintain or grow our sales in existing stores, as well as our ability to open new stores, which could have an adverse 
effect on our financial condition or results of operations.
Improvements to our merchandise buying processes and systems could adversely affect our business if not successfully 
executed. 
We are making investments to improve our merchandise planning, procurement and allocation capabilities through changes in personnel, 
processes and technology over a period of several years. If we encounter challenges associated with change management, the ability to hire 
and retain key personnel involved in these efforts, implementation of associated information technology or adoption of new processes, our 
ability to continue to successfully execute our strategy or evolve our strategy as the retail environment changes could be adversely affected. 
As a result, we may not derive the expected benefits to our sales and profitability, or we may incur increased costs relative to our current 
expectations.
If we do not effectively design and implement our strategic and business planning processes to attract, retain, train and develop 
talent and future leaders, our business may suffer. 
We rely on the experience of our senior management, who have specific knowledge relating to us and our industry that is difficult to replace, 
and the talents of our workforce to execute our business strategies and objectives. If unexpected turnover occurs without adequate 
succession plans, the loss of the services of any of these individuals, or any resulting negative perceptions of our business, could damage 
our reputation and our business.
Even if we take appropriate measures to safeguard our information security and privacy environment from security breaches, our