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Article: EARLY PRICE CUTS START; NMG ISSUES WARNING.(Neiman Marcus Group Inc.)(Statistical Data Included)
- Article from:
- WWD
- Article date:
- November 2, 2001
- Author:
CopyrightCOPYRIGHT 2001 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Retailers had a Halloween fright this week, starting with the government's warning of possible terrorist action and ending Thursday with Neiman Marcus Group Inc. saying its comparable-store sales dropped 8 percent in October.
Neiman's statement reflected the currently troubled state of retail, which has been hit in the major cities by the lack of tourists and nationwide by the weakening economy and fears over further terrorism. While there were no reported incidences on Halloween, the struggle for business in major metropolitan areas has resulted in unseasonal price promotions, particularly on the luxury side.
"Business is tough, slow, and ...