Neiman Marcus, a retail name synonymous with luxury, is planning a $100-million IPO. The Dallas-based chain’s SEC filing points to increase of ultra-high-net-worth households in the United States and the increasing desire for luxury goods in markets like Asia and the Middle East as catalysts for its growth.
Neiman Marcus, which operates Last Call by Neiman Marcus, Bergdorf Goodman and MyTheresa.com, is often considered a proxy for luxury sector overall. The chain’s performance indicates strength in the luxury sector. However, that growth isn’t translating into a huge demand in retail real estate, says Nick Egelanian, president of Siteworks, a retail real estate consultant firm based in Annapolis, Md.