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Cramer’s 113 year old growth company

(Click for video linked to a searchable transcript of this Mad Money segment)

When you think of a growth company you probably think of some shiny new tech company, don't you.

Cramer knows.

He also knows there's a good chance you think a growth company should be in business for a decade or less, certainly not a century or more

And if that company is largely involved in selling apparel, you probably don't think of growth at all.

But Jim Cramer thinks that would be a mistake.

"Nordstrom may be the best 113 year old growth company I've ever seen," he said.

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That is, Nordstrom is working aggressively to grow its online business, and that's a strategy that Cramer likes very much.

"It's one of the fastest growing dotcoms in its industry," Cramer said, "and they're spending a lot on technology to get out front, even more."

"Our capital spending over the next five years should total $3.9 billion, said CEO Blake Nordstrom during an interview on "Mad Money". And out of that money $1.2 billion will go toward technology."

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. "There is such a thing as fine service online," he said. "It's about a great site that's easy to navigate and a supply chain that can deliver quickly."

Cramer believes the strategy should payoff in spades. Of course the question becomes, when will it payoff.

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"I see a company that's worth more than $11 billion," Cramer said, referring to the market cap, "but it's been a frustrating stock to own in part because Nordstrom is spending so much on technology." So far the Street has been unwilling to reward the potential opportunity. .

Nonetheless, Cramer believes the potential opportunity is sizable. "If there is such a thing as a 113 year old growth company it's Nordstrom," Cramer added. "If I'm right, then this is one cheap stock."

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