Nordstrom’s Chief Merchant Sets Retirement
Nordstrom Inc. chief merchandising officer Teri Bariquit is retiring after 37 years at the company.
The Seattle-based retailer has started a search for a successor and will be considering internal and external candidates. Bariquit will remain in her role until the company identifies her successor.
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Throughout her career at Nordstrom, Bariquit has held a variety of leadership roles across the merchandising organization, supporting inventory audit, merchandising technology, planning and more before becoming the company’s first chief merchandising officer in 2019.
“During her tenure, Bariquit has transformed the company’s approach to merchandising, leading the development of a digital-first, omnichannel strategy designed to meet the needs of Nordstrom customers, growing the company’s unowned inventory models and supporting significant growth within its designer business,” the company said in a statement on her departure.
Nordstrom also indicated that while she led the merchandising organization, the company made “critical investments in technology and organizational design within merchandising to fuel its long-term growth.”
“We’re extremely grateful for the contributions Teri has made to our company over the past 37 years,” Pete Nordstrom, the retailer’s president and chief brand officer, said in a statement. “From her earliest days with the company, Teri has lived our values and led with courage and purpose. During her tenure, she’s transformed every element of our merchandising organization and positioned our merchandising team for continued success. The impact Teri has made on our company will last well into the future and I appreciate the thoughtful approach she has taken to planning her retirement. We wish her the best as she begins this next chapter.”
“It has been a privilege to spend my career at Nordstrom and work alongside such a talented team — one with a relentless focus on providing customers with the most relevant and inspirational products from the world’s best brands,” Bariquit said. “I’m confident in the team and strategy that are in place and excited about what’s ahead for Nordstrom.”
The company reported top- and bottom-line declines for the third quarter ended Oct. 29, though it managed to meet its expectations on both fronts.
The Seattle-based retailer had a third-quarter net loss of $20 million, or 13 cents per diluted share, compared to a net profit of $64 million, or 40 cents per share in the year-ago period.
Earnings before interest and taxes were $3 million in the third quarter of 2022, compared with $127 million during the year-ago period, primarily due to higher markdowns and a supply chain technology and related asset impairment charge, partially offset by fulfillment expense efficiencies.
“We are right-sizing our inventory levels and mix, and are on track to end 2022 in a healthy and current position,” said Pete Nordstrom at the time. “Customers continue to respond to newness and fashion in our offering, and we are focused on remaining agile to respond to their changing needs.”
The company has also been focused on improving the mix and pricing at Rack.