While Saks is trying to make itself even more exclusive and pricing its goods even higher, the Neiman Marcus stores are going in the other direction and trying to attract a larger group of consumers. Today's development shows that competition in the luxury space is being ratcheted up a notch.
More Quotes from Kurt Barnard:
The only way to grow in the retail business is to add yet another 100 stores, another 600 stores. Then someone else will see that you are successful. And that other fellow will do the same. And for a while it is fine, until suddenly there are more stores than the community needs.Kurt Barnard
There's no question that competition in retailing is rampant and out of hand. It's getting increasingly difficult for companies to keep their heads above water. That's why the industry is getting into gear for more merger activity.
Kurt Barnard
Everybody is worried about a soft landing for the economy and a contraction of consumer spending. And come Christmas it will be far less exciting than a year ago. The high cost at the gas pump is beginning to take its toll and for a lot of families spending an extra 20-to-25 a month on gasoline means spending that much less on stores.
Kurt Barnard
Rebates are wonderful to the extent that they are executed, regardless of the deficit,
Kurt Barnard
The worst part of these results is that they show that the effect of the tax rebate checks has petered out. This is a nightmare in itself for retailers and it doesn't bode well for Christmas. Also, we'll probably see more markdowns now, more than retailers anticipated for the holidays. That will hurt their bottom line.
Kurt Barnard
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Based on Topics: Money & Wealth Quotes, Space QuotesBased on Keywords: neiman, ratcheted, saks
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