Mind you, I am a petite, and this is a regular, but YES it definitely runs large!
I ordered it in a small in black. It would probably fit better in an XS. I went to the store, all they had was an XXS. That one was too small. I just ordered the extra-small burgundy to compare, I have a hunch that one will be just right width and shoulder wise, though still on the long-ish side since I'm short.
I'm still holding on to the small/black one as even though it is too big, I kind of like the look. It fits me totally different than the picture on the web site -- more like slouchy coatigan than a blazer. With plenty of room to layer to my heart's content underneath. Something about it really reminds me of the 80s. I swear I once had a blazer that fit like this in the 80s! So I'm hanging on to it as I am having major (and surprising) nostalgia. But the burgundy XS may arrive and change my mind...