$2.65 billion deal announced Thursday, culminating years of fitful talks between a pair of legacy retailers vying to attract a new generation of well-heeled shoppers.
Industry experts say the merger could provide stability for two retailers grappling with sluggish growth. Department stores have lost relevance as their primary customers skew older, and younger ones gravitate to other shopping options. “Usually is a sign of weakness in retail; it’s typically not a sign of strength,” said Sucharita Kodali, a retail and e-commerce principal analyst with the research firm Forrester.
While Saks and Neiman’s both sell high-end goods, they attract different tiers of luxury consumers and offer varying levels of service.
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