Yes, they will be closing stores, both last call and full line stores by the end of 2020, that is correct, Just a handful of stores will be left, only in major cities/luxury tourist destinations (I.e Beverly Hills or Hudson Yards, Las Vegas), so that is correct, they also look at operational cost vs. long term sales for the area, so it’s not just what stores are in the top ten now, Michigan Avenue while in the top, is loosing its luster with millennials, much like Barney’s and Lord and Taylor did, very sad, but a sign of the times. I have found that lots of employees at Neiman Marcus are in denial that the business model is failing, they need to start looking for a new career path, stores with full price luxury goods are slowly fading out of the picture.
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Yes company Is in complete denial they are not garnering new clientele or braiding brand appeal it’s a real shame the business model is not sustainable
Would the Scottsdale store end up closing? I know they reduced the hours a couple years ago due to declining sales.
If NM shrunk to just a handful of locations, I feel they will eventually fail and fade off. The online store cannot sustain NM as RT is hyper competive in the online space and with Amazon trying to get into luxury, there would be no room left for NM.
Sounds like chicago...haha..the stores are dumping ground for online returns
My partner use to work at Neiman’s in Chicago and he had the worst luck with people buying high dollar clothing then returning it, he would get more returns than sales. They also had a ton of theft and fraud at that store.