Neiman Marcus Backs Away From Discount Business
2020年3月12日 - 1:46AM
Dow Jones News
By Suzanne Kapner
Neiman Marcus Group Ltd. said it will close more than half of
its Last Call discount locations to focus on its luxury department
stores, retreating from an area that has been one of the few bright
spots in retailing.
Other retailers including Saks Fifth Avenue and Nordstrom Inc.
have been ramping up their off-price stores that sell name-brand
goods at steep discounts as a way to appeal to younger and more
price-conscious shoppers. Both chains now operate more off-price
stores than full-price stores. Market leader T.J. Maxx opened 21
stores last year, bringing its total to 1,273. Neiman Marcus
currently has 22 Last Call stores.
"We are different from our competitors," said Neiman Marcus
Chief Executive Geoffroy van Raemdonck. "Our strategy is to focus
on the luxury customer and full-priced selling." He added that
one-fifth of Neiman Marcus's customers spend an average of $50,000
a year with the retailer.
To better serve those wealthy shoppers, Neiman Marcus is
combining its in-store and online teams. It will be training sales
associates to interact with shoppers before and after purchases to
help them with services such as alterations, beauty treatments and
dining. It operates about 45 department stores, including Bergdorf
Goodman in Manhattan.
As a result, about 250 nonselling associates will be let go. But
because the company plans to hire new employees, the net reduction
will be less than half that amount.
Neiman Marcus started paring back Last Call in 2017, when it
announced the closure of about one-quarter of the fleet. It plans
to close more than half of its remaining locations over the next
eight months. About 500 jobs will be eliminated.
The company is also selling two distribution centers in
Texas.
"This is not a pullback," Mr. van Raemdonck said. "This is a
move forward. We've got a strategy that is working. We want to put
our effort behind the full-priced, luxury customer. This is what
will differentiate us from the competition."
(END) Dow Jones Newswires
March 11, 2020 12:31 ET (16:31 GMT)
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