Neiman Marcus Finds Even Wealthy Want Deals

[mahatmakanejeeves]

Try going in through the authors' Twitter feeds for free access.

Hat tip, the Newseum, which has the front page of The Wall Street Journal. on display every day.

So I guess now Donald ***** will go to the hollows of Dallas and let Neiman Marcus workers know he will save their jobs.

Ryan Dezember: @RyanDezember

Reporter @WSJ // Guitar @MarineSnowNYC

Ryan Dezember Retweeted

"Even the rich can say 'Enough is enough' when it comes to price" https://www.wsj.com/articles/neiman-marcus-finds-even-wealthy-shoppers-want-better-deals-1492362386 … via @WSJ

Link to tweet

Neiman Marcus Finds Even Wealthy Shoppers Want Better Deals

Neiman Marcus and other high-end retailers regularly raised prices over the past decade and were long thought immune to the troubles of mass-market chains. That model has fallen out of fashion.

By Suzanne Kapner and Ryan Dezember

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April 16, 2017 1:06 p.m. ET

Lysa Heslov used to be a loyal Neiman Marcus shopper. Now, she buys most of her clothes, shoes and handbags at websites that carry the same designer brands, often at cheaper prices. ... “I price compare now much more than I ever did before,” said Ms. Heslov, a 52-year-old documentary film director who lives in Los Angeles.

Neiman Marcus and other luxury retailers were long thought immune to the troubles of mass-market chains—falling foot traffic and the constant price wars that have triggered widespread closure of brick-and-mortar stores.

But high-end chains, which raised prices incessantly over the past decade, are learning the hard way that even wealthy customers are hunting for better deals and selection, whether online or at shops run by individual brands. ... “Even a very rich person can say, ‘Enough is enough,’ when it comes to price,” said Matthew Singer, Neiman’s former men’s fashion director, now with his own clothing line.

Sales of personal luxury goods, such as designer apparel and handbags, fell 1% last year, the first decline since 2009, according to Bain & Co. The slowdown contrasts with 4% growth in the global luxury market, which reached $1.16 trillion when including expenditures on pricey cars, travel, restaurants and such.
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Appeared in the Apr. 17, 2017, print edition as 'Neiman Marcus Finds Wealthy Want Deals.'

[Eliot Rosewater]

1. A bag of gold might buy a single piece of bread someday.

Or more likely glass of water.

[elleng]

2. Of course, that's partly how they became wealthy!

[mahatmakanejeeves]

3. Now Google is giving me advertisements for cowboy boots. NT