Neiman Marcus Sees Experiences, Tech as Way Forward Amid Retail Slowdown
It’s no secret the retail industry is struggling. This week Payless filed for bankruptcy protection, J. Crew lost its president, and Ralph Lauren revealed plans to close its flagship polo store on New York’s Fifth Avenue. But there’s one potential bright spot in the department-store segment.
FOX Business’ Victoria Craig explains:
Luxury retailer Neiman Marcus has seen a year-and-a-half of sales declines and is considering selling itself, but amid industry-wide doom and gloom, the brand is betting tech initiatives will help revive revenues and keep customers coming back for more:
(Rai) “Loyalty is very fickle now.”
That’s Rajeev Rai, Neiman’s VP of Customer-Facing Technology, who has helped bring new tools to the retailer, like mirrors that can record 360-degree views of apparel customers try on, or employee devices that give a brief summary of each customer:
(Rai) “She buys Prada, she likes Channel, or she buys beauty, she buys denim.”
While tech innovation is a step in the right direction, personalization that provides a shopping experience is key said Brian Kilcourse, co-founder of retail systems research.
Victoria Craig, FOX News.
