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Neiman Marcus not coming to Canada after all

(Image: Franco Folini)

(Image: Franco Folini)

The last few years have seen an influx of American retail heavyweights in Canada, including soon-to-launch department dinosaurs Saks Fifth Avenue and Nordstrom. So, it certainly didn’t seem like too much of a stretch for Neiman Marcus to be next in line–especially since the high-end retailer was recently bought by the Canadian Pension Plan Investment Board. Unfortunately, those hopes have now been dashed. Retail Insider reports that CEO Karen Katz recently addressed speculation about possible international expansion.“My greatest dream would be to have a few stores across the world,” she said,“but it would be very difficult to envision that over the short term. That would be the hardest thing that we could ever try to pull off.”

Instead, Neiman Marcus is planning for ultra-conservative expansion, focusing on “slow domestic growth” and e-commerce. Katz didn’t close the door entirely on an eventual northern expansion, but her remarks suggest it won’t be happening anytime soon. In the meantime, Canadians can get their luxury fix by shopping the store’s website—provided they don’t mind donating a wad of cash to Canadian Customs.

  • RETAIL-INSIDER

    Thank you for mentioning our article. For details and to read our original content (since a link to the article wasn’t provided above), we direct you here: http://www.retail-insider.com/2014/01/neiman-marcus-ceo-addresses-speculation.html

  • DualCitizen

    Canadian retail market/consumers cannot support the typical Neiman price point and product line-up (assuming same assortment as United States). Saks will also fail in Canada, if they pursue the same assortment as their U.S stores.

  • RETAIL-INSIDER

    We beg to differ. Holt Renfrew (our answer to Neiman Marcus) is doing very well, and its sales per square foot are the highest in North America for a large-format luxury store. The population of Canada’s affluent is growing substantially. Saks will face substantial competition but if they play their cards right, they could be quite successful in Canada.

 

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