A Priceless Experience
Mass appeal: Neiman Marcus now accepts Visa and Mastercard
Photo via LabelScar.com
Photo via LivingDice.com
"Today is historic," Neiman Marcus announced on Tuesday morning in a Tweet. "We now accept Visa & MasterCard in all NM stores!"
The Dallas-based luxury retail store has long been known to accept only cash, American Express, or - preferably - a Neiman's card.
"We listened to our customers and heard that they wanted more flexibility in their payment choices," Karen Katz, president and CEO, said in a statement.
Neiman's customers have been known to become miffed when told Visa and MasterCard is not accepted, and in these tough times, no store can afford to turn away customers.
The company insists that the change is based on the customer experience, but the Wall Street Journal reports that extended payment options may be an effort to boost waning sales. A meek profit last year and $1.8 million in losses the previous year hint that Neiman Marcus can't be quite so exclusive about its market.
Neiman's new policy is likely to clear up confusion. It already accepts Visa and MasterCard on its website and from international customers with credit cards issued in another country. And the cards are accepted at its tony Bergdorf Goodman stores. Neiman's customers have been known to become miffed when told Visa and MasterCard is not accepted, and in these tough times, no store can afford to turn away customers.
Since taking charge of the company last year, Katz has broadened the consumer base by offering a wider range of price points and opening more outlet stores. Expanded payment options will take the outreach a step further, ideally appealing to a new generation of young shoppers. At the very least, it will make holiday shopping a bit easier.
Do the increased charging methods decrease Neiman's brand value? Or are you relieved to have more options when you pay?
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