Neiman Marcus (Bankruptcy)

Neiman Marcus's 2020 bankruptcy demonstrates how luxury department stores face dual pressure from online luxury and off-price retail. The chain serving wealthy customers couldn't compete with Farfetch online or Nordstrom Rack for value. COVID accelerated what e-commerce guaranteed—why visit stores when you can shop online? Like a species that required specific habitat that was being developed, Neiman's physical luxury experience became optional.