Over the past two years, Neiman Marcus has undergone a significant transformation. In May 2020, the luxury retailer was hit hard by the COVID-19 pandemic, leading to store closures and the filing for Chapter 11 bankruptcy. However, as vaccinations became widespread and in-person activities resumed in May 2021, Neiman Marcus embarked on a new retail strategy with a $600 million investment. This strategy focused on optimizing the brand’s omnichannel approach and creating immersive in-store experiences.

Lana Todorovich, President and Chief Merchandising Officer of Neiman Marcus, highlighted the importance of in-real-life (IRL) experiences and the integration of their omnichannel platform. While the pandemic emphasized the value of digital, Neiman Marcus recognized the significance of physical stores as well. They developed the Connect platform, connecting shoppers with personal style advisors online, in response to the closures. The platform gained immense popularity, with millions of engagements within weeks.

The success of Neiman Marcus’s omnichannel approach is backed by data showing that customers who shop across multiple channels spend twelve times more compared to those who only shop in-store. With this in mind, the retailer aimed to provide a fresh start to its clients by creating immersive retail-tainment environments. The Prada Beach Pop-Up was a notable example that featured LED screens, sand on the floor, and models posing as lifeguards. This experiential event allowed customers to connect and engage with the brand, capturing the essence of the beach.

Building on the success of the Prada event, Neiman Marcus organized several other immersive experiences, collaborating with renowned brands like Loewe, Tyler the Creator, Maison Francis Kurkdijan, and Balmain. These events generated significant digital impressions and increased customer demand both online and in-store. Additionally, the retailer prioritizes product exclusivity, as seen with the sell-out success of the Barbie collection and the Valentino Escape pop-up featuring exclusive vacation-ready styles.

While Neiman Marcus is known for its collaborations with major brands, the company remains dedicated to supporting emerging talent. Throughout its history, Neiman Marcus has played a crucial role in discovering and nurturing designers like Christian Dior and Coco Chanel. Today, the retailer continues to showcase up-and-coming designers such as Salon 1884, Bach Mai, Peter Do, Piferi, Mastermind, and Monot.

In addition to its focus on experiences and emerging talent, Neiman Marcus is investing in store renovations. Nine locations, including the Paramus store in New Jersey, are currently undergoing remodeling. This commitment to delivering a luxurious and immersive shopping experience is a testament to the brand’s dedication to its customers.

Ultimately, fashion is at the heart of Neiman Marcus’s business. The retailer curates luxury products and provides customers with unforgettable shopping experiences. Through its omnichannel approach, focus on emerging talent, and commitment to store renovations, Neiman Marcus is successfully adapting and thriving in the rapidly changing retail landscape.

Useful links:
1. Neiman Marcus Official Website
2. Business of Fashion – In-Store Experiences Fuel Neiman Marcus Turnaround