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Well, they have to make it
truly luxury. This is what killed Joseph

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a bank. If you a call. When Men's Warehouse bought them, they

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started to discount. They got on
that slippery slope and they admitted that they

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killed a luxury brain. You know
people are smart shoppers. Now you need

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to really have luxury. You need
to really do luxury, and you know

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00:00:20,359 --> 00:00:25,000
you need to protect it by not
discounting. You're listening to Carrie Let's's Financial

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00:00:25,079 --> 00:00:30,679
Survival Network where you get valuable information. You just can't find anywhere else to

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00:00:30,839 --> 00:00:36,600
thrive in today's trying times. You
need the Financial Survival Network now more than

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00:00:36,640 --> 00:00:42,000
ever. Go to Financial Survivalnetwork dot
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Financial Survival Network now more than ever. And welcome you are listening to

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and watching the Financial Survival Network.
I'm your host, Carrie Let's. Hey.

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Recently big merger and the luxury retail
tail end of the market Sacks and

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Nieman Marcus Sacks is no longer a
SAX. It's owned by Hudson Bay Corporation.

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I guess out of Canada. The
interesting aspects of this merger, the

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upcoming merger, It's not completed,
yet it needs to get a couple of

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approvals. Is that the other partners
and junior partners involved. Number one is

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Amazon and number two is Salesforce dot
com. Our good friend Carl Gould is

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with us. You find him at
Carlgould dot com and if you've got a

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question for him or myself, you
can shoot me an email KL at Carrie

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Lutz dot com. Carl, Welcome
back. So it looks like all the

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turmoil that occurred in the lower end
retail segment that's kind of been rationalized by

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Amazon. It's spreading to the luxury
segment, which has been in the past

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somewhat recession or consumer depress and resistant. What does this mean here, Well,

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I think this is a pretty smart
move by all involved because Walmart occupies

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the value segment. Target occupies the
mid sector mid segment of the sector,

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and now we have somebody who is
going after the luxury sector. So this

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is a pretty smart move to create
a powerhouse in that area. Bringing Amazon

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in tells me that they're going to
have a significant e commerce play and this

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is really smart for Amazon to have
a network of stores that can now solve

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the last mile delivery problem for that. And we should mention that Nieman's went

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bankrupt in twenty twenty, not really
from an operational standpoint, but they were

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owned by some hedge fund I believe, and the hedge fund leveraged it to

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the hilts to basically take their investment
out and get their profit up up front,

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and then they kind of left it
to the wolves. Yeah yeah,

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And and look, retail is in
a transformative you know period right now,

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and it needs to find what it's
going to be going forward. So that

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was not the time to burden it
with a lot of debt and pull cash

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out. But you know, with
it what they want, you know.

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Yeah, yeah, so yeah,
you know, like the hedge funds only

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care about one thing and that's them. Look, and that's their job.

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I'm not belittling it. But when
it comes to a social consciousness or social

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conscience, I should say, and
they don't have any right right So for

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sure, well, this this is
a smarm move or in a stunt,

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it's a smarm move for salesforce.
And one salesforce comes in that tells me

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that they're going to look to build
an online community, they are going to

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be looking to really add higher level
services to the customer base, and all

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of this works if they created they
create a renewed and reinvigorated shopping experience.

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If it's still boring to go into
the stores, this is not going to

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work. But if they create a
great shopping experience, and this has a

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lot of lakes. Once upon a
time, when I was a working stiff

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and I used to have to go
to an office, I couldn't have the

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luxury of working out of my own
home. I was a Nieman shopper and

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I even had my own personal shopper
there, Mary Alina. I hope she's

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still doing well in the White Plane
store. And you know, I used

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to spend you know, they the
nickname of Nieman Marcus is needless markup.

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And you know, I was spending
a fortune, you know, buying four

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or five suits and jackets a year
and all the other stuff. And then

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one day I went there on sale
and saw all the stuff I had bought,

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you know, friar was like forty
or fifty percent off. And then

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I became a Niemen sale shopper.
And then one day I up to their

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outlet and Woodbury Commons in New York, and I found that, hey,

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they don't have the latest and the
greatest, but who cares. It's jackets

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mainly I was in the jackets.
Then it was in insursuits, and I

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became a Niemen's outlet shopper. And
then one day I was looking on eBay

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and I said, wait a second, they got all that stuff there,

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and it's a half of what it
is at the outlet. And I became

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a Niemen's eBay shopper, which I'm
sure they loved, right, I mean,

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and we're both boomers. I guess
I'm a boomer. Maybe you're an

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exert. You know, the whole
concept of the workplace, evolution of hybrid

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work home, all these things are
making everything different now and how does it

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work here? Well, they have
to make it. Truly loves you.

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This is what killed Joseph a Bank. If you a call. When Men's

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Warehouse bought them, they started the
discount, they got on that slippery slope

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and they admitted that they killed a
luxury brand. You know, people are

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smart shoppers. Now you need to
really have luxury, you need to really

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do luxury, and you know you
need to protect it by not discounting.

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You know, during the auto crisis
of two thousand and nine thirteen, Lexus

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went out of its way to say, we are not going to discount on

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automobiles, even if we sell less, because we were going to protect our

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brand, and Lexus as a result, bypassed Cadillac and they became known as

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the standard. And so if you
truly give a luxury proper and you protect

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your pricing and you protect your customers, they will respond and they'll respond positively.

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But yeah, if you start discounting, everyone's onto that. The internet

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already handles that part, you know. Yeah, well the only thing that

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isn't discounted is the tailoring. Right
when I paid full price, the tailoring

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was included. Then when I started
being a sales shopper, that was the

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end of it. They charge you
for the tailoring. And now, you

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know, my tastes have changed,
and I think that is what's happened a

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lot, is that we're more casual. You know, I was an attorney.

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I remember the day I was in
a suit and tie every day,

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every law off as I went to, everyone else was a suit in a

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suit and tie. Then they started
dressed down Fridays and then it was like

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if you got caught in a suit
or a jacket and tie at your law

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firm. They knew that you were
out there looking for a new job and

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you were going to pay rice.
I mean, it's just an evolution of

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things. And yeah, you know, you go to other countries and they

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still have the formality in Asia.
You know, you go to Japan,

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to China and they're all wearing suits. Now grant that they can make them

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custom for ten percent of what a
fancy suit at Neeman's costs. But everything's

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changing here and now you can even
get those suits made yourself. Not as

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cheap as going there, but you
can order it online and get your measurements

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done and then they send you some
reasonable effect simile for a fraction of the

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cost. Yeah. I look,
they're going to have significant challenges ahead of

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them to prove that it's worth going
back to their storms. Because you know,

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there's two economies out there, Perry. There's the standardized economy and there's

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a customized economy. And the standardized
economy is anything that you know it's going

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to work, you know it's going
to fit it. You don't need a

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consultation, you don't need to speak
to an expert. You could order it

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and buy it. And that's that's
what the internet is great for. I

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don't need to go out and shop
for the paper. I know what I

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want, I know it works,
I buy it. Well. When I

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need an experience, or I need
consultation, or I need somebody's expertise,

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that's where they have a chance.
And if you look at Apple Storms,

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if you look at even Microsoft stores, and you look at this, you

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might. But the point is is
that the interactic they're engaging, and you

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want to go there, Shields Sports
Store. I'm out here at Colorado.

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I went into a Shields Sports store. They have a ferris wheel, bowling

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alleys, an arcade, and they
have a cafe inside of their store.

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The place was packed with people of
all ages experiencing things and buying. And

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that's where you know, and Neiman
Marcus isn't going to go in that direction,

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of course, but they do have
to make it interactive, and they

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have to make it an experienced for
their shoppers. And the other Thingnimon's used

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to do. They used to buy
me lunch in their restaurant for my birthday.

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So in the hopes, of course
that I'm going to drop more money

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still and hey, you know,
I'm not even talking about knockoffs now.

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But I pride myself on my internet
shopping prowess here, and if I really

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want something badly, I'm going to
find it out there somewhere, even if

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I got to go to halfway around
the world, Carl. So it's a

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global anatomy. One thing I will
say, Nieman's stores are always clean.

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They're always orderly. It's not like
you go into like certain other stores and

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the stuff's piled up. But look, the most problem one of the most

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profitable chains, Nordstroms. They've been
closing stores every major retailer out there luxury

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otherwise, maybe the luxury boutiques they
can afford, like a Louis Utah to

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maintain a store even if it loses
money, Ralph Lauren, they can do

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that. But the department store is
they got to make money on every square

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foot right exactly exactly, and you
make money on that square footage in different

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ways, and so they are going
to have to reinvent the experience. Otherwise

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this is just a bunch of you
know, this is just a bunch of

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companies coming together to lose money together. It's branding. Here, let's talk

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about branding. You're a master brander, and you know the Niemen's brand.

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They also owned Bergdorf, Goodman and
Sachs brand. Actually, Sacks is not

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as good a brand as Niemen,
never was as profitable in their heydays.

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But remember the Niemen's catalog and you
used to run to it and they'd had

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his or her flying saucers. Isn't
her helicopters, isn't her as Rolls Royce's.

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You know, we don't have paper
catalogs for the most part, but

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they might still send them. But
I'm not on their list anymore. But

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you know, it was an experience
just to get the catalog even though nobody

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bought that stuff, right, nobody
bought it so well, look, Harley

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Davidson makes more profit dollars off of
their apparel than their motorcycles. Hey,

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they're a motorcycle company that sold you
on the lifestyle. They became a lifestyle

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brilliant, brilliant, brilliant. Right
now, there's a lot of different parways

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Niemen and Sacks and Bergdoff could go, but they've got to they have to

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reconnect with that, with that shopping
and turn that into an experience. I

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suspect they'll be consolidation. I suspect
that they you know, you're going to

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see smaller stores and less of them. But if they are, if they

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are a great place to go,
or they're intriguing, or there's specials that

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you don't get anywhere else, it's
gonna work. Hey, talk about experiences

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you've been on an airline lately.
I mean, I'm flying off to Vegas

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today for the Freedom Fest conference.
It's kind of a libertarian get together.

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I have a lot of friends there, friends in Vegas. So I get

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00:12:35,080 --> 00:12:39,879
an update from Jet Blue at eight
twenty seven am, talk about experience.

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00:12:39,919 --> 00:12:45,159
Here, your flight is delayed and
now is departing at eight forty one instead

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00:12:45,200 --> 00:12:48,600
of eight ten. Then at ten
thirty nine I get another text. Flight

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00:12:48,720 --> 00:12:52,039
is back on schedule, back on
time, it's leaving at eight ten.

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Then I get another one like just
as we're speaking here at one sixteen,

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update your flight it's delayed and now
the party get nine to twelve. Now

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00:13:05,360 --> 00:13:07,559
should I be happy? I guess
I should be happy. They're keeping in

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00:13:07,679 --> 00:13:11,759
contact with me. But now they
are trying. Yeah, they're trying,

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00:13:11,919 --> 00:13:16,639
but but now they're they were back
on schedule. So it's like Okay,

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00:13:16,759 --> 00:13:22,080
I got to change my right,
I got to change my time frame now,

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but then it's back and now it's
not. Now. I don't know

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whether you trust them or not,
and whether like fifteen minutes before it's uh

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uh, it's back on time.
Come on down. I'm like, you

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know, fifty miles from the airport
here. Hey, you know they are

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trying, and you know most of
the airlines are doing similar things now,

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but still when their service stinks,
Carl, their service still stinks. They

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still have to look, you know, when you have an ol adopoly or

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a monopoly, when you don't have
to have as good as SERTs. The

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worse the brand, the better the
service. The better the brand, sometimes

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the worst service, you know.
Oh yeah, yeah, well we're oping

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00:14:00,320 --> 00:14:03,159
for is a little bit of both. Yeah yeah, well, hey to

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00:14:03,320 --> 00:14:05,799
talking about the airlines like, you
know, they have to care to some

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00:14:05,960 --> 00:14:11,240
extent because you get sued and the
regulator is going to be breathing down their

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throats, right, breathing down,
no question about, no question about.

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On the other hand, they've got
power, especially the top three and the

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00:14:18,720 --> 00:14:24,519
top you know, the three biggest
airlines in the country are in order,

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00:14:24,840 --> 00:14:31,039
Delta America and United And you know, a lot of the problems they have

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are due to the government. Because
the mandatory retirement age is sixty five.

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00:14:35,960 --> 00:14:39,000
They tried to raise it to sixty
seven. They haven't been able to do

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that. I have friends, accomplished
pilots that you would trust your life to

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that you have, and they had
to get out at sixty five, although

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they're allowed to fight fly charters.
And then you know, the government at

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the same time increased the minimum of
flying time that these pilots had to have

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to be on these planes, which
I think is a good thing. But

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something's got to give here. And
in the end, the airlines, you

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know, they got insatiable demand right
now, but that could change on a

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dime, and good Yeah, you
know, what are you supposed to do.

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I mean, they're really stuck and
all they could do is push their

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catch up. Yeah, it's going
to take a while for them to catch

200
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up because the demand is off the
off the charts right now. Totally,

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totally, totally. Just as as
I like to say, these are first

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world problems, but they're also third
world problems because the third world is serviced

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00:15:35,840 --> 00:15:41,080
by the first world and as a
result, our problems become their problems,

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and their problems become our problems.
And I guess there's an analogy to it.

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Like in retail. You know,
brands are still valuable, but brands

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have to put forth value. I
mean yeah, like and that's so.

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Yeah, go to pon Bea.
Women are buying you know, five hundred

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thousand dollars dresses, you know,
so obviously you don't have to sell too

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many of them to make your rent. But you know, with the costs

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with inflation and everything else going up, you know, they're forcing these stores

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and everybody else to consolidate. Yeah, for sure, for sure, and

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we're going to see more of that. So all right, so thanks Carry

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consolidation. But hey, AI,
let's see. They also mentioned in the

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press release about niemans. I'm meant
to address us with you because we have

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talked about it before. AI,
all right, that you're going to have

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instead of mary Alina, my personal
shopper, you're going to have virtual or

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artific AI mary Alina who will be
saying, hey, Carry, I got

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this great jacket for you here and
it's on sale. Let me send it

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out to you now, right right, there's going to be and right now

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you've heard AI companies have been there. Someone just cut a deal for Burt

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Reynolds's voice and another major stars.
Boy, MARYL, I think Marilyn Monroe

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as well. Yeah, right,
right right, you know, and there

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and so you'll have Marilyn Monroe as
your personal shop. You'll have Burt Reynolds

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as your concierge. You know,
if Marilyn Monroe thinks I'm worth her time,

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then hey, she can shop for
me any day of the week.

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Carl, Right, exactly, exactly. Hey, appreciate you coming on helping

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us unpack these changes that are happening. They're happening so fast, and really

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there's nobody at the wheelhouse managing these
changes, which is what capitalism's all about.

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Hey, Carl, tell us where
we find you again? How we

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connect with you on the web?
Sure, on the web Carlbool dot com

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or Carl three sixty c A R
L three six zero dot com. All

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right, and the links in the
show notes of this interview on Financial Survival

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Network dot com. When you're there, just click through you get right to

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Carl's And while you're there, please
sign up for your free newsletter. Barl.

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I always love talking to you,
always love getting your perspective. We'll

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talk to you again real soon.
Thanks, Kerry really appreciate it. Thanks

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for listening to Carrie Letz's Financial Survival
Network, your solution to today's trying times.

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00:18:17,079 --> 00:18:22,640
For the latest, go to Financial
Survivalnetwork dot com. Financial Survival Network

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00:18:22,960 --> 00:18:23,480
now more than ever,