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Breaking News: Neiman Marcus Locates Its Luxury Retail Stores Near Rich People

Neiman-Marcus-mapWould you believe that Dallas-based Neiman Marcus appears to intentionally open its shops near the highest concentrations of the wealthiest Americans? I know, I know, but Wealth-X (a ultra high net worth (UHNW) prospecting, intelligence and wealth due diligence firm) studied the matter and arrived at that conclusion.

They’re not talking about your run-of-the-millionaires. They’re only concerned with “ultra high net worth” individuals, though they don’t seem to have provided an exact definition of who qualifies for that distinction. However it’s done, there are apparently 2,020 of them in the Dallas-Fort Worth metropolitan area, which is served by four NM stores (downtown Dallas, NorthPark, Plano, and Fort Worth).

Luxury Daily looked in more detail at the study’s findings, which indicate that 62 percent of UHNW Americans live “in close proximity” to (it doesn’t say, but I assume this means in the same metro area as) a Neiman Marcus:

The 19 states where Neiman Marcus is located accounts for more than 75 percent of the ultra-affluent consumers in the U.S.

The study first examined Neiman Marcus’s hometown, Dallas. In Dallas, there are four locations to cater to a population of 2,020 ultra-affluent consumers. Throughout Texas, there are seven Neiman Marcus retailers located in Austin, San Antonio and Houston.

In total, 5,785 of Texas residents are ultra-affluent individuals.

How does NM’s penetration among the super-rich compare to some of its competitors? That’d be somewhat interesting to know, wouldn’t it? Instead, we have to settle for this “insight:”

When a luxury brand looking to expand into new markets, being aware of the area demographics makes scouting a location easier. Whether the brand is opening a new boutique or selecting a single boutique to carry a limited release item, knowing where affluent consumers reside or frequent is key.

UPDATE: A representative of Wealth-X has informed me that their definition of “ultra high net worth” is $30 million or more in assets.

5 comments on “Breaking News: Neiman Marcus Locates Its Luxury Retail Stores Near Rich People

  1. Interestingly, the Neiman’s in Austin is located farther away from the concentration of wealthy Austinites, in a new development called The Domain, well north of this concentration. The Domain, opened in ’07, is nice and new, one of those high-density business/retail/residential “town center” models of urban planning, built on long abandoned industrial-zoned land that wasn’t delivering any tax base to speak of. It’s poised to do well long-term, but it isn’t like running over to Northpark if you live in the middle of Big D. It’s a bit of a trek.

  2. The Fort Worth store has the fewest wealthy people nearby–but they spend more per capita than any other store–

  3. For years I have heard that the Fort Worth store holds its own, but I have always understood that it drew on the wealth of the west, who frequent the store, if not in person perhaps by electronic means.

  4. The recent Neiman Marcus data compromise again appears to reveal the desperate state of affairs under Karen Katz CEO. The company claims it doesn’t matter if you suffer for a stolen identity from shopping at their store. They had 60,000 notifications their customers information was compromised ,They acted on none of them .

    The company is becoming a poster child for poor and often unethical behavior presents many dangers that are avoidable by shopping at a more reputable retailer.

    Customers and employees are said to “act like Jews”

    Asian Americans are said to look “extra Asian ” by its own Management.

    Entire Departments may have no Latino employees for years despite having qualified applicants.

    The company’s “HR” department apparently attempts to conceal this by often only considering them for low level janitorial positions.

    Management has called gay male employees “F**s” .

    ” Fire him he has HIV” was stated by a different Department Manger

    That employee working in one of the N.M. restaurants would prepare food without gloves. He used unwashed hands and cut fingers to prepare salads and sandwiches.

    It has a questionable food safety record . It may not have followed food safety laws for many years . It has no public statement to suggest otherwise. Blood borne pathogens have not seemed to be of their concern .

    A Neiman Marcus employee bled in prepared food through an open wrist bone wound.. When asked by The United States Government to respond, the company stated they are not applicable under the law. OSHA in Washington D.C was notified . The company never directly answered as to why it did not adequately protect its customers. The company shifted the blame to Liberty Mutual Insurance who hasn’t ever stated why it never conducted an investigation despite repeated contacts.

    In another publicized case Neiman Marcus was implicated in forging fake documents to smear an African American ex employee . Another abusive tactic Neiman Marcus utilizes is to have suspected African American’s shoplifting cases moved to different judges courts. . This according to company Management allows an increase in the time they will spend in jail . The company reportedly pays the Court to honor its request to switch judges it deems as not giving lengthy enough sentences based on their skin color. The United States Department of Justice has been made aware of this.

    Additional concerns include that the company has failed to pay wages properly and is known for retaliatory issues (Neimanmarcuslawsuit.com)

    It now has numerous deserved pending class action lawsuits for the data compromise.

    The company claimed that one of it’s former manager’s is a “pedophile”. Interestingly they gave him a positive reference to work at Chuckie Cheese Pizza (Owned by Apollo Management). This despite the fact it is a business aimed at children where a danger may be present. It ‘s present owners Ares Management and CCIPB both have been contacted.. Neither have chose to adequately address anything perhaps because of buyers remorse

    .

    Ms. Katz should consider resigning as it seems her character is worrisome at best. Ares Management and CCIPB should address the abnormal amount of issues that its retail peers don’t seem to be afflicted with.

    Sources – DOL, OSHA, U.S Dept. of Justice complaint., EEOC records,

  5. The recent Neiman Marcus data compromise again appears to reveal the desperate state of affairs under Karen Katz CEO. The company claims it doesn’t matter if you suffer for a stolen identity from shopping at their store. They had 60,000 notifications their customers information was compromised ,They acted on none of them .

    The company is becoming a poster child for poor and often unethical behavior presents many dangers that are avoidable by shopping at a more reputable retailer.

    Customers and employees are said to “act like Jews”

    Asian Americans are said to look “extra Asian ” by its own Management.

    Entire Departments may have no Latino employees for years despite having qualified applicants.

    The company’s “HR” department apparently attempts to conceal this by often only considering them for low level janitorial positions.

    Management has called gay male employees “F**s” .

    ” Fire him he has HIV” was stated by a different Department Manger

    That employee working in one of the N.M. restaurants would prepare food without gloves. He used unwashed hands and cut fingers to prepare salads and sandwiches.

    It has a questionable food safety record . It may not have followed food safety laws for many years . It has no public statement to suggest otherwise. Blood borne pathogens have not seemed to be of their concern .

    A Neiman Marcus employee bled in prepared food through an open wrist bone wound.. When asked by The United States Government to respond, the company stated they are not applicable under the law. OSHA in Washington D.C was notified . The company never directly answered as to why it did not adequately protect its customers. The company shifted the blame to Liberty Mutual Insurance who hasn’t ever stated why it never conducted an investigation despite repeated contacts.

    In another publicized case Neiman Marcus was implicated in forging fake documents to smear an African American ex employee . Another abusive tactic Neiman Marcus utilizes is to have suspected African American’s shoplifting cases moved to different judges courts. . This according to company Management allows an increase in the time they will spend in jail . The company reportedly pays the Court to honor its request to switch judges it deems as not giving lengthy enough sentences based on their skin color. The United States Department of Justice has been made aware of this.

    Additional concerns include that the company has failed to pay wages properly and is known for retaliatory issues (Neimanmarcuslawsuit.com)

    It now has numerous deserved pending class action lawsuits for the data compromise.

    The company claimed that one of it’s former manager’s is a “pedophile”. Interestingly they gave him a positive reference to work at Chuckie Cheese Pizza (Owned by Apollo Management). This despite the fact it is a business aimed at children where a danger may be present. It ‘s present owners Ares Management and CCIPB both have been contacted.. Neither have chose to adequately address anything perhaps because of buyers remorse

    .

    Ms. Katz should consider resigning as it seems her character is worrisome at best. Ares Management and CCIPB should address the abnormal amount of issues that its retail peers don’t seem to be afflicted with.

    Sources – DOL, OSHA, U.S Dept. of Justice complaint., EEOC records,