Neiman Marcus Stops Plans for Sale
Neiman Marcus announced it has terminated any talks of a potential sale, after three months of looking for alternatives. CNBC reports this is after it was recently announced Saks’ owner, Hudson's Bay Co., was rumored to be interested in buying Neiman Marcus. "While looking ahead, we know challenges remain, but we're encouraged by the strategies we have in place to improve our operational efficiencies and performance," Neiman Marcus CEO Karen Katz said on a post-earnings call.
Total Retail's Take: Neiman Marcus has gained some stiff competition over the years from e-commerce Goliath Amazon.com as well as the growing influence of fast-fashion brands. In addition, keeping up with the on-demand consumer has proven to be difficult for the luxury department store as well. As more and more consumers move online, the more important it becomes for retailers to evaluate how to connect with consumers across all channels. This most definitely includes Neiman Marcus.