What: An opinion piece about how Neiman Marcus has fared since the 2020 bankruptcy.

Why it is important: :  In department stores, focusing the organization on one given purpose is crucial. It seems that in the current world, there are increasingly a narrowing number of options for department stores: either to be a must-visit place for tourists and locals, or to be a temple of luxury. Both are not incompatible, but gone are the days for department stores to be “temples of everything for everybody”.

Since emerging from bankruptcy in 2020, Neiman Marcus Group (NMG) has undergone a transformation under CEO Geoffroy van Raemdonck which has largely remained off the radar.

The company has focused on enhancing the shopping experience in its luxury stores and online, making it a vital partner for premier luxury brands. NMG's emphasis on personalized experiences has helped build customer loyalty, with high-value luxury consumers driving a significant portion of sales.

The company's "Power of One" people project aims to empower its associates, resulting in increased engagement and retention, and a positive impact on its net promoter score. NMG's hybrid work model, centered around its hub concept, supports its "Way to Work" strategy, enabling employees to work smarter, be present, integrate work and life, and feel empowered.

An in-depth look at the Neiman Marcus HR reorganization