De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Why Neiman Marcus Is Closing Its Hudson Yards Store
The department store chain is rethinking its store count as its customer base shifts to online shopping.
New York—Neiman Marcus is moving out of Hudson Yards, the slick, uber-chic development on the west side of Manhattan.
As the retailer moves through Chapter 11 bankruptcy proceedings, it’s taking a closer look at how many stores it has and where, weighing that against how consumer behavior has changed in recent months.
The retailer said it has analyzed the changes in the retail environment and believes customers’ new online shopping habits will stick.
“The COVID-19 pandemic reaffirmed the importance of our stores as a key place to build customer relationships in the context of our digital ecosystem,” a spokesperson said in a statement to National Jeweler.
In a court filing last week, the department store chain listed a total of four locations that are on the chopping block, including the 188,000-square-foot store in the Hudson Yards shopping center.
Opened in March 2019, the location is spread across three levels in the high-end mall, featuring four restaurants and trendy offerings including a spa, a pop-up florist, a leather care station and personal shopping services.
The location also houses a stage for live performances. Academy Award-winning actress and singer Liza Minelli performed at the store’s opening party.
The other Neiman Marcus stores closing for good are in Fort Lauderdale and Palm Beach, Florida and the store in Bellevue, Washington.
The department store chain has been struggling under a mountain of debt followed by the disruptions related to the coronavirus pandemic, including temporary store closures and the furloughing of 14,000 employees.
“A physical location in Hudson Yards is no longer an ideal space for us given the preponderance of restaurants and future office space in that mall,” Neiman Marcus said in a statement.
As of Tuesday, Hudson Yards was open at 50 percent capacity with several tenants offering curbside pickup.
The retailer said it will focus on the luxury customers it has through its Bergdorf Goodman store, and will serve its Neiman Marcus customers both online and at its other physical locations.
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.