Word: nordstrom
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Dates: during 2000-2009
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However, department stores, such as Macy's, Dillard's, Bon-Ton Stores, JC Penney, Neiman Marcus, Nordstrom and Saks, will likely be squeezed to bring in the biggest markdowns as these retailers typically rely on the holiday season to generate between 45% and 50% of their operating profits, says Karen Ghaffari, a managing director at Fitch Ratings...
Higher-end department stores such as Saks, Nordstrom, and Neiman Marcus saw decent traffic even though they didn't offer discounts that exceeded 70% as they did last year. "Inventories are much tighter and promotions much more reasonable, which should lead to good margins," says Balter...
Take Jessica Laux, a 32-year-old mother of two in Pittsburgh, Pa., who shops regularly at Saks and Nordstrom. "I'm hopeful there's going to be similar deals as there were last year - and almost expecting it, given the current state of the economy," says Laux. She remembers 2008's steep holiday discounts and is unimpressed with the paltry 30% markdowns that are currently being offered. "Seeing 30% isn't going to make me shop earlier," says Laux, who adds that she'll do the bulk of her shopping in the final two weeks before Christmas...
...response, upscale department stores such as Saks Inc., closely-held Neiman Marcus and Nordstrom Inc., started slashing prices to unload a glut of inventory. Saks fired the first volley, slapping 70%-off signs on luxury designer clothing in early November 2008. Neiman and Barneys frantically followed suit...
...Wandering past model rockets, orange cosmonaut suits emblazoned with red U.S.S.R. emblems and a diorama of happy cosmonaut mannequins sitting around a campfire next to a crashed space capsule waiting for pickup, Lynn Nordstrom of Albuquerque, N.M., and her two sons - in Moscow for the Eurovision song contest - say they are enjoying their visit. But "after looking at this, I'm afraid of the Egypt syndrome, where all you do is talk about how great you used to be," Nordstrom says. "The museum is terrific, but you need to look to the future. My whole youth was spent hearing about...