Target slashes prices on its Target + Neiman Marcus collection by 50%
- Blog Post by: John Ewoldt
- December 20, 2012 - 8:13 AM
Target corporation, always quick to start and end a trend, slashed prices on all 60 pieces in its Target + Neiman Marcus collection on Thursday. About 20 shoppers, nearly all of them Target corporate employees who must have gotten a memo, stood patiently waiting for the security guard to let them in when the Nicollet Mall store opened at 7 a.m. All immediately rushed to the nearby Target + Neiman Marcus collection where Tracy Reese dessert plates quickly were cleaned off the shelves. Tory Burch's lunch box, Diane von Furstenberg's yoga mat and a rag & bone flask were also selling quickly. All items were still in stock this morning at Target.com, which also has the collection discounted 50 percent.
Neiman Marcus.com did not have the collection discounted on its website as of 8 a.m. Thursday morning.
Some analysts believed that the hype was better than the sales for the 24-designer collection. Citibank retail analyst Deborah Weinswig thought Target made a mistake putting the collection at the back of the store. Still, not all stores placed the collection in the back. The Nicollet Mall store, for example, put it front and center on the skyway level.
Target said comparing the NM collection with Missoni was unfair. Although the Missoni collection was such a success that the website crashed, the NM partnership was more deeply stocked. Also, customers were restricted to buying no more than five of one item.
As for the complaint that the clothing was too expensive at about $100 an item, the $50 price point after the discount should prove more enticing.
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