The new Neiman Marcus Christmas Book looks a bit different this year. Yes, it's still geared toward the typical Neiman clientele, but it reflects the fact that the usual customers may not be doing as well -- or spending as much -- this year as they did last year. The retailer is facing the fact that it will have to sell lower-priced items this Christmas, because that's what the public will have to buy (even the wealthy corner of the public).
Close to half the gifts listed in the 83rd edition of the Neiman Christmas catalog cost less than $250, and some of them are actually practical (though a bit pricey for most people). In the past, the number of gifts at this price-point would be in the 30% to 40% range.
The catalog goes for the positive, saying, "Tokens of affection don't have to be extravagant to be brilliantly received." The non-extravagant items this year include $75 plaid stockings, $235 Italian wool scarves, and $100 Ugg slippers.
Yet, there are some gems for the folks who still have hefty wallets. The most expensive item in the catalogue is a sports aircraft for two. It flies at 10,000 feet and costs $250,000. Don't worry, it comes with a trailer. Or, you could pick up a motorcycle for $73,000 or a limited-edition Jaguar for $105,000.
Revenue is down for the upscale retailer this year. For the quarter ending August 1, 2009, it reported a loss of $168.5 million -- far worse than the $35.6 million loss a year earlier. Revenue plunged from $1.03 billion to $768.1 million.
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