Neiman Marcus revealed this week that it has suffered a drop of 8% in sales, it biggest fall in six years. Karen Katz, the company’s CEO, puts the blame for the decline on a lack of customer loyalty.
The luxury retailer suffered a net loss of $23.5 million, more than twice what Neiman Marcus recorded for the same period last year.
— Neiman Marcus (@neimanmarcus) December 15, 2016
According to Fortune, Karen Katz told Wall Street analysts over the phone, “They [consumers] continue to shop for the best deal and the lowest price. Our core customer is visiting us a little less frequently and customers in general are a little less loyal to any one retailer.” Specifically, Katz said that Neiman Marcus was losing customers to the internet.
Sure, blame the internet for your problems like everyone else does. It couldn’t possibly be that rich people just don’t like shopping in your stores any more.