U.S. Markets closed

Jim Cramer: Is Ramping Up its Online Presence the Right Strategy for Nordstrom?

TheStreet's Jim Cramer says Nordstrom's spending on online efforts is the reason the stock got hit so badly last week even after posting 4 percent comparable store sales. Cramer says shelling out so much money to upgrade its website will mean less business at the company's core stores. Cramer says the stores are becoming like newspapers -- the more they spend on the websites, the less we read the hardcopies and Cramer regards Nordstrom as the hardcopy. He says the hardcopies need to do better but he doesn't see Nordstrom making a turnaround any time soon with all their tech spending.