Skip to content
Subscriber Only

Luxury Retailers Reluctantly Slash Prices Amid Demand Plunge

  • Stores that are loathe to cut prices are being forced to do so
  • Neiman Marcus, Nordstrom offering promotions for e-commerce
A pedestrian wearing a protective mask and gloves is reflected in the window of a closed store on Rodeo Drive in Beverly Hills on April 2.
A pedestrian wearing a protective mask and gloves is reflected in the window of a closed store on Rodeo Drive in Beverly Hills on April 2.Photographer: Patrick T. Fallon/Bloomberg
Updated on

Stuck-at-home Americans are nowadays way more interested in buying toilet paper and hand soap than handbags and evening gowns. That’s forcing luxury retailers, like Neiman Marcus Group Inc. and Nordstrom Inc., to resort to a tactic they rarely use: discounts.

Neiman Marcus has Tom Ford glasses, which usually sell for about $400, at 50% off on its website. Customers can snag a Derek Lam stripe shirtdress from Saks Fifth Avenue for $237 -- 40% off the usual price. Nordstrom is offering a Salvatore Ferragamo slide sandal for $225, down from $375.