Neiman Marcus credits its hybrid work models with key to the chain’s efforts to emerge from near-death.
The Dallas-based luxury retailer has announced the opening of a new “office center” in Dallas, according to the Dallas Morning News. Flexible work schedules have boosted the company’s talent retention and acquisition, the company said Wednesday. The company has yet to release an address for the project.
The office center will be part of this flexible work environment, allowing employees “to decide how and where they work to maximize their efficiency,” the company said in an email to the Dallas Morning News.
Neiman Marcus filed for bankruptcy at the end of 2020. The retailer was able to get rid of $4 billion in debt and close stores and now has annual sales of more than $3 billion on its record of bankruptcy.
As part of its reorganization, the company terminated two large, long-standing office leases — dating back to the 2000s — in the Renaissance Tower at 1201 Elm St. and 1700 Pacific Ave. The 56-story skyscraper was one of the largest COVID-era foreclosures in the Dallas area.
Like many department stores that went bankrupt in 2020, the company has been experiencing a post-pandemic high-end spending boom since late last year. However, Neiman Marcus parted ways with Macy’s, Nordstrom and Lord & Taylor in talent acquisition and management.
The retailer’s turnover rate has fallen by 20% since 2019, while it has increased for many companies amid mass resignations. The retailer also filled 1,200 jobs in its 2021 fiscal year, which ended in July, the time it takes to hire new employees has decreased by 32% since 2019.
During the pandemic, the company’s corporate culture has become increasingly flexible under Eric Severson, executive vice president and chief human resources and membership officer. Severson addressed issues such as women’s compensation, diversity, equity and inclusion in an effort to differentiate the brand from competitors.
The benefits of working remotely aren’t just for staff at Neiman Marcus and its New York-based Bergdorf Goodman stores. With the drop in storefronts during the pandemic, the company rolled out an internal sales tool called “Connect” that allows sellers to work with their customers from .
Last June, the company acquired a developer of a machine learning sales platform called Stylyze as part of a three-year plan to invest more than $500 million in its digital arm. The plan also included moving Irving’s warehouse operations to Pinnacle Park in Dallas.
CEO Geoffroy van Raemdonck touted remote selling by Neiman Marcus sales staff as an ongoing benefit and praised associates for their work when stores were closed. The average Neiman Marcus store clerk has been in the business for nine years and sells $750,000 worth of merchandise a year, he said.
[Dallas Morning News] – Maddy Sperling