Neiman Marcus Looks to Future Growth
Last year was a tough one for many luxury retailers and the
incoming chief executive at Neiman Marcus, Karen Katz, will tell you that her
company was no exception.
"Luxury retail in general took the hardest hit during this recession," Ms.
Katz told the Dallas Business Journal. "Our customers pulled back
dramatically from spending."
On the plus side, Ms. Katz can point to recent
double-digit year-over-year sales improvements at the chain.
"The customer is definitely back in the stores," she said.
observers agree that Neiman Marcus, like others, needs to make some changes
coming out of the experience of the Great Recession. The retailer has more
tightly managed inventory and tinkered with discounts and lower price
points to keep its offerings accessible to shoppers.
The company continues to look for ways to further improve on the customer
experience, as well.
Ms. Katz told the Dallas Business Journal, "I believe
that the intersection of traditional retailing, e-commerce retailing and social
networking … all
of that is going to come together in a very different way than we can see it
today. We are just starting to understand how powerful that intersection can
be, so we’ll see where it evolves to."
Discussion Questions: What do you think Neiman Marcus should do to be more
successful in light of the realities of the current marketplace and its competition?
Do you see online, mobile and social media being key to the chain’s future