Articles today are focused on earnings, but they are somewhat overlooking the fact that Neiman Marcus just announced that 3 more Last Call locations will be closing in July. This is in addition to the 11 locations that have already closed earlier this year. I think over time they will completely phase out the Last Call brand and focus on their bread and butter; Flagship Luxury stores and online sales.
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Except for a few years ago, when Katz -laughably- stood up on stage at NM 2.0 and told all of corporate that they were going for 100 or 200 Last Call stores.. totally out of touch.
Logic & Neiman Marcus don't go together. They don't seem bright at all!
NM has never liked the Last call stores as they've always felt it watered down their brand name. This jives right in with their snooty attitude that Last Call cheapened them. NM seems to think doubling down on focusing on full line NM branded stores is the way to go when the entire retail industry is going toward the opposite, i.e toward off priced stores, discount/bargain stores. Example: Nordstrom Rack is growing rapidly. By only focusing on full line NM stores, they've become an even more niched player. A shrinking footprint. While online may be growing, it is an extremely competitive environment where consumers demand offers/promos/competitive prices. NM will not be able to mark their prices up (like they do at the stores).