June 16, 2017
Neiman Marcus confirmed during its quarterly conference call that it is no longer for sale. The luxury department store chain had been in discussions with Hudson’s Bay, which operates Lord & Taylor and Saks Fifth Avenue.
Instead of selling, Dallas-based Neiman Marcus will focus on improving its operations, selling more exclusive merchandise, and offering a more personalized shopping experience both in stores and online. The chain, which operates 42 stores, is relying on technology to improve its customer interactions, according to CEO Karen Katz. Its newest store at the Shops at Clear Fork in Fort Worth, for example, features “memory makeover mirrors” in the cosmetics department that email pictures from makeup sessions.
“While looking ahead, we know challenges remain, but we are encouraged by the strategies we have in place to improve our operational efficiencies and financial performance,” Katz said during the earnings call.
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