Hi there, I'm 1 inch shorter than you and also an hourglass (with tendency towards inverted triangle). A photo and/or more details would be helpful, because there is quite a range of hourglass shapes.
For example although my shoulders and hips are about the same width across, my waist is not super tiny, so finding waistbands that aren't too tight is a fit issue for me.
In general, for petite pants, if you have a tiny waist and fuller hips (less than 0.8 waist/hip ratio), try Ann Taylor. If you have a thicker waist (0.8 or greater waist/hip ratio), try Ann Taylor Loft or Banana Republic. All sell petites. There's also Inc brand at Macy's that comes in a petite and can go either way.
For tops, that is a different matter. Try those stores but yeah... if you are very chesty and broad shouldered, yet petite, it can be a fit challenge. You may have to rely on tailoring to get just the right fit.
Jcrew also sells petites (online only) but I tend to find their styles are designed for more of a pear shape. However I have had occasional luck there too. It's just frustrating because their sizing is not always that consistent, and for example if you take a 0 in regular, you'll take a 2 in petites.
There's also GAP and Old Navy. Both are selling petites online now. I find that their sizing is quite consistent, and comparable to Banana Republic petites.
And there's Talbot's too. Plus most major department stores offer petite sections where you can usually find the basics and brands like Ann Klein, DNKY and Ralph Lauren in petites. Bloomingdale's also offers a few of their store brands online in petites, and I find they are nice quality.
So there are actually quite a few options for petites nowadays. I remember 25 years ago there were no options at all! But I do feel your frustration because while I have had success building a nice wardrobe from all these places, I still bemoan the fact the items I really want - um, like how about a Theory suit? or a DVF wrap dress? - are not offered in petite and would cost too much to get altered down to size.
Speaking of designer brands, let us know your measurements and fit issues because I have identified a few that can sometimes work for me ....
