Jim Cramer on Why Nordstrom Is the Next Great Retail Growth Story

TheStreet's co-portfolio manager Jim Cramer says the latest quarterly report from Nordstrom shows the department store chain may be the next growth story in the retail sector. Cramer, who recently spoke with Blake Nordstrom, the company's CEO, says the staid retailer is investing in technology to enhance its online presence and also expanding its off-price Nordstrom Rack division. Cramer says Nordstrom is selling it's credit card receivables and that should bring in billions to help fuel the retailer's reinvention. Cramer says, that not only does Blake Nordstrom see opportunity online but he believes the high quality service for which Nordstrom is famed can be translated over the Internet.