Monday 6 April 2020
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Neiman Marcus Group is 2019 Luxury Retailer of the Year

Neiman Marcus Group is 2019 Luxury Retailer of the Year

Retail group Neiman Marcus is Luxury Daily’s 2019 Retailer of the Year for its embrace of emerging categories, a new market and the circular economy.

Neiman Marcus and runners’-up Selfridges and Bloomingdale’s have all responded to the growing consumer demand for secondhand or rented fashion, choosing to own the experience rather than leaving alternative ownership to their competitors. Aside from its openness to new forms of retail, Neiman Marcus Group stood out in 2019 for its adoption of trending categories, such as clean and CBD beauty.

The Luxury Retailer of the Year award was decided based on retailers’ use of impeccable strategy, tactics, creative, executive and results. All candidates selected by the Luxury Daily editorial team had to have appeared in Luxury Daily coverage this year. Judging was based purely on merit.

Manhattan move
Neiman Marcus Group’s boldest move this year was the opening of its first Neiman Marcus store in New York, as it entered the competitive retail market. Located within Manhattan’s Hudson Yards, the three-level, 190,000-square-foot store features shopping alongside experiences.

For instance, consumers can dine at multiple in-store eateries or get beauty services at a salon powered by Hudson Blvd Group. (see story).

The Blvd partnership, inked in January, is extending beyond the New York store to other locations, giving shoppers another reason to visit Neiman Marcus at bricks-and-mortar stores for blowouts, manicures or eyelash extensions (see story).

In another beauty move, Neiman Marcus continued its mission to advance in the beauty space, as it adopted a new ahead-of-the-crowd assortment likely to surprise beauty fans.

Neiman Marcus will now be stocking its beauty shelves with high-end CBD products, also known as Cannabis beauty products, hitting an emerging trend early on. The new offering is part of the department store’s Trending Beauty initiative, in the hopes of tapping into the potential of more unknown brands and products (see story).

Later in the year, Neiman Marcus courted ingredient-conscious consumers with the launch of a clean beauty selection.

Available online, the selection ranges from hair products and skincare to cosmetics. Clean beauty has been a growing movement in the fragrance and personal care category, as wellness and eco-friendliness become driving forces of purchase decisions (see story).

Neiman Marcus has launched a clean beauty section. Image credit: Neiman Marcus

Aside from engaging consumers through growing categories, the group also took on the booming secondhand market.

Neiman Marcus Group furthered its interest in luxury resale with an investment in designer handbag and accessory consigner Fashionphile, following previous partnerships with other upscale secondhand platforms.

In light of the rapid growth of the high-end consignment market, Neiman Marcus has previously sought strategic relationships with resale retailers. However, its minority stake in Fashionphile marks the retailer’s first investment in a secondhand luxury company.

As part of the investment, the company is giving the pre-owned platform physical placement in some of its Neiman Marcus stores.

Customers will be able to get an instant quote for their previously loved goods, and if they wish they can trade in their bags or accessories for a payment. While Neiman Marcus will not be selling pre-owned goods through its channels, the quote service will enable shoppers to get money back and shop for new items from the retailer (see story).

In another secondhand move, Neiman Marcus Group’s department store Bergdorf Goodman teamed with GOAT to bring coveted secondhand sneakers to its clientele. GOAT staged an installation at the retailer’s Goodman’s men’s store from Aug. 21 through New York Fashion Week (see story).