Nordstrom was started as a shoe store called Wallin & Nordstrom in Seattle in 1901 by John W Nordstrom (John) and Carl Wallin. Nordstrom invested US$5,000 in the company while Wallin invested US$ 1,000. They bought shoes for US$ 3500. The first day sales were US$ 12.50. The annual sales reached US$ 47,000 in 1905. In 1915, John's sons started helping him in the store. The founders retired after opening the second store in Northeast Seattle in 1923. In 1929, Carl Wallin sold his stake to John’s sons, Everett and Elmer. The brothers faced a major crisis during the 1930s due to the Great Depression.