I'll Have Some of That

It might seem like a contradiction in terms to say Neiman Marcus and value in the same breath.

But that is exactly what the premium retailer has been doing for the last couple of years...redefining their version of value. And they are doing a pretty good job of it too.

Its no secret that a lot of retailers really took a beating when the economy plummeted. Some companies went under because of it. Most hung on by a thread. But few showed the mojo that Neiman Marcus did by seizing the moment to redefine consumer value on their terms.

Make no mistake, Neiman's was and still is a high end...and yes, very expensive place to shop. And they did not change who they are during the economic downturn in an effort to get customers in the door.  But they did make their value equation very clear and more attractive than ever in the last couple of years. So you can't help but feel that you are getting more than you are paying for. Even if you are still paying a lot.

What did they do? Well, first they launched the notion of 'Fab Finds'...products that offered Neiman Marcus 'luxe style for less.' Most items in the line are available for under $200 and they look pretty great.

Then they began to aggressively push their Last Call retail presence....offering Neiman's designer items at discount prices. It used to be that Neiman's had one or two of these stores. Now they have several and a Last Call Online site that just went live a couple of months ago. Talk about catering to the clockless consumer. Now you can score your Neiman's fashion deal at 2 am if you want to!

But my very favorite is their 'Mid-Day Dash.' This is an email blast sent out on a daily basis to their preferred customers that showcases a 'deal of the day' that is available during the lunch hour. Women can make a quick pit stop at lunch time for a daily shot of a little high end retail therapy and get a price break to boot.

While we know that in today's day and age not everybody is a fan of luxury retailers, but we take our hats off to this one who apologetically stayed true to who they are as a brand and fearlessly set out to redefine their value proposition in a way that made sense.

In tough times, necessity may be the mother of invention, but this time it worked.