China may be on Neiman Marcus’ horizon. The US-based luxury retailer is considering bringing stores and online shopping to China.
According to Neva Hall, executive vice president of Neiman Marcus, the company has a number of initiatives. One of which is to expand internationally — first, through its online operation.
Neiman Marcus also has been aggressively exploring the possibility of opening stores and other e-commerce opportunities in China.
The company’s e-commerce sites attract 101 million shoppers a year, with a conversion rate around 3.5 percent. International customers account for about 15 percent of the online shoppers. In fiscal 2011, online sales totaled $800 million or 20 percent of Neiman Marcus’ sales of $4 billion.
Hall also noted the opportunity to tap the Chinese market in the US. “What will affect us is the influx of Chinese travelers,” she said. “They do business in a certain way, they have a specific mindset of what they’re looking for. And because of the sheer [size of the market], we have to make sure we have the depth of product [that Chinese shoppers] are looking for, based on their interests. We have to understand their culture, and how we size differently.”
Plans are underway to attract more Chinese travelers to its gateway stores—those in markets like Hawaii, San Francisco, Los Angeles, New York, and Las Vegas.
photo credit: neiman marcus