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Neiman Marcus files for bankruptcy

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Valued Contributor

Re: Neiman Marcus files for bankruptcy


@Janus wrote:

Not that I shop there or half the places on the edge of GOOB, but I will be sad if one day we can't get these items in a physical store. Not all of use like buying sight unseen online for everything...

 

Had to edit my reply as it bleeped out "I" for some reason. lol


From what I can tell, it's not that physical stores are going away in general, it's that fashion is giving way to "fast fashion". That is, stores like H&M and TJ Maxx appear to be doing alright; it's the traditional and comparatively more expensive stores that are in trouble.

Message 11 of 29
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Senior Contributor

Re: Neiman Marcus files for bankruptcy

I think people are starting to get sick of being gouged on prices. Why spend $80 for a pair of jeans at Macy's when you can get them for $25 at TJ Maxx?



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Message 12 of 29
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Super Contributor

Re: Neiman Marcus files for bankruptcy


@ImTheDevil wrote:

I think people are starting to get sick of being gouged on prices. Why spend $80 for a pair of jeans at Macy's when you can get them for $25 at TJ Maxx?


I had a very small investment in True Religion shares at the time of the 2013 buyout. Four years later, in private hands, the company declared bankruptcy. Demand for the clothing had fallen.

 

But go back about 10 years and $250 jeans were a big thing for some shoppers.

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Message 13 of 29
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Valued Contributor

Re: Neiman Marcus files for bankruptcy


@wasCB14 wrote:

@ImTheDevil wrote:

I think people are starting to get sick of being gouged on prices. Why spend $80 for a pair of jeans at Macy's when you can get them for $25 at TJ Maxx?


I had a very small investment in True Religion shares at the time of the 2013 buyout. Four years later, in private hands, the company declared bankruptcy. Demand for the clothing had fallen.

 

But go back about 10 years and $250 jeans were a big thing for some shoppers.


There's definitely still some niche areas with high demand despite cost. The lines outside the local Louis Vuitton or Canada Goose store anytime either place puts signs in their window with the word "sale" on it tell me there's definitely still some people out there willing to fork over money for fashion.

Message 14 of 29
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Senior Contributor

Re: Neiman Marcus files for bankruptcy


@ImTheDevil wrote:

I think people are starting to get sick of being gouged on prices. Why spend $80 for a pair of jeans at Macy's when you can get them for $25 at TJ Maxx?


I definitely get that, while i don't buy cheaply clothes I sure not one to overpay for them either. The most important is how they wear on my persons, comfort etc. So i don't mind paying a little more for that comfort if I can't find it for less. In fact the jeans I've worn for years just about doubled within only a couple years!






Message 15 of 29
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Established Contributor

Re: Neiman Marcus files for bankruptcy

there are a number of items that will change due to the pandemic - but i see most of them as an Accelerator of what would have ultimately happened

 

1. department stores have been on the decline for many years - the ones that would have lasted another 10 years, probably just got accelerated to close in10 months (or less)

 

2. telecommuting has been available for years - but people still went into the office - now this will move another 10-30% of resources never going back to the office - i see offices turning into rental environments for companies - and the desks will be clean every day, since a different person will be there the next day (this is currently in a lot of offices referred to as the 'hoteling section' of the office) but on a small scale - this will increase in my opinion - this was also likely to happen in 5-10 years - now in 3-5 months

 

just my opinion

 

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Message 16 of 29
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Regular Contributor

Re: Neiman Marcus files for bankruptcy

@Janus   I don't like cheaply made clothes either.  I remember I bought a pair of pants from H&M which were machine washable and literally feel apart.  Also, I don't like to be a carbon copy when it comes to fashion. Fast fashion trends lack individuality.  But, I'm a little sad.  I was approved for a Berdorf Card last year in store and it was refreshing to receive superb customer service.  If you like inspiring fashion, there's an online store based in California called unique vintage which manufactures clothing from 1920s thru 1980s.  When Hollyweird is filming a period movie, the stylists tend to purchase from this store.  They carry an arrange of sizes.  https://www.unique-vintage.com 

Message 17 of 29
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Moderator Emeritus

Re: Neiman Marcus files for bankruptcy


@Janus wrote:

Not that I shop there or half the places on the edge of GOOB, but I will be sad if one day we can't get these items in a physical store. Not all of use like buying sight unseen online for everything...

 

Had to edit my reply as it bleeped out "I" for some reason. lol


Except the online retailers have already solved this.  It's a little extra hassle for the consumer sure but buy it and if you don't like it, send it back.  Seems to be working... admittedly I don't buy much clothing period but the few pieces I've had online I only had a "I'm not wearing this" distaste for one $20 shirt; however, I still have some of those jeans Iced mentioned for all that I picked them up at a discount, and still wearing them too... nice/dress jeans fit in a business casual environment easily and I'd rather be wearing that than the even more expensive wool slacks on a regular basis and that's something I'll happily throw money at as my clothing budget is absolutely in my financial margins.  Actually out of all the places I've been in the last two years, only the bank in SF, and the Orange County administration HQ were the only two places that weren't business casual, and beyond that it was only meeting people non-trivially above my current paygrade that I dressed up for.

 

Hah wow, just went back through my transaction record: in the last six months I only bought a pair of running shoes.  I'm so not a good consumer, but I'm even a worse brick and mortar retail consumer - I don't think I've gone to a store and bought something since 2013 which was shoes from Nordstrom and a jacket from BrooksBrothers for an interview I wasn't prepped for... then again buying used shoes is a Monte Carlo process which I have no time or patience for. Ebay / StyleForum or the manufacturer websites and occasionlly some random casual thing off Amazon and very very occasionally a retailer website.  I really think this model is probably coming for everyone.

 




        
Message 18 of 29
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Valued Contributor

Re: Neiman Marcus files for bankruptcy


@Revelate wrote:

 

Hah wow, just went back through my transaction record: in the last six months I only bought a pair of running shoes.  I'm so not a good consumer, but I'm even a worse brick and mortar retail consumer - I don't think I've gone to a store and bought something since 2013 which was shoes from Nordstrom and a jacket from BrooksBrothers for an interview I wasn't prepped for... then again buying used shoes is a Monte Carlo process which I have no time or patience for. Ebay / StyleForum or the manufacturer websites and occasionlly some random casual thing off Amazon and very very occasionally a retailer website.  I really think this model is probably coming for everyone.

 


That last part helped me just put the dichotemy of how stores like Canada Goose and H&M thrive while others die. I see casual clothing moving more toward the cheap/disposable fast fashion markets. My everyday shirts were less than $10 from TJ Maxx, or I even just wear a solid tee that are sold in packs of 3 for $15. Things I expect to last a long time go in the opposite direction, though: dress shoes skip right past the Macy's and Neiman Marcus' of the world and I go to a Johnston & Murphy or some other boutique. Suits are tailored from a Brooks Brothers or Hugo Boss type.

 

This combines to make stores like Marcus and Macy's endangered. Too nice for casual but not nice enough for formal. There's a few middle-ground things they still sell (Levi's come to mind) in some volume, but not nearly enough things to prop a department chain up.

Message 19 of 29
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Valued Contributor

Re: Neiman Marcus files for bankruptcy

Not a lot of middle ground in my purchasing habits, either. On any given day, I'm wearing a $6 shirt with $300 sunglasses.

 

There are certain high end things I've grown accustomed to that I will always have. Once I started buying good polarized sunglasses, I honestly couldn't go back. 

 

This habit seems to be apparent with malls these days as well. The one in my working class hometown is all but shuttered, while the high end mall in the next town is prospering. (At least it was before this whole current mess.)

 

I had to order some clothes to accomodate the weight I've been gaining. LOL. I also bought an iPad for all of this extra time I'm spending at home. If you need anything right now, it's definitely the time to shop online. Crazy good deals out there. 

 

 

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