What: For years, Hudson's Bay has been in and out of talks to buy the Neiman Marcus Group, and it's been happening again this summer. Neiman Marcus and Saks could be much stronger if they were together: the question is whether now is the right time for a merger.

Why it is important: Putting the 2 companies together could allow more efficiency, data sharing, a common customer base and more power over brands.

Business at both Saks and Neiman Marcus has been depressed this year as consumers are becoming more selective in their purchasing, shifting discretionary dollars to travel, dining and experiences. Both retailers have been cutting costs, undergone a series of layoffs in the past year, dug deeper into customer data to enhance personalization and battled each other over grabbing exclusives from designers.

Hudson’s Bay said eyeing Neiman Marcus yet again