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Saks Is Ceding Ground to Luxury Rivals After Buying Neiman Marcus
(Bloomberg) -- The $2.7 billion acquisition of Neiman Marcus by Saks Fifth Avenue’s owner last year was supposed to create a luxury powerhouse. Instead, both department stores are losing customers and sales to competitors including Bloomingdale’s and Nordstrom. Most Read from BloombergAre Tourists Ruining Europe? How Locals Are Pushing BackForeign Buyers Swoop on Cape Town Homes, Pricing Out LocalsTrump’s Gilded Design Style May Be Gaudy. But Don’t Call it ‘Rococo.’Massachusetts to Follow NYC in