Luxury Retail Raises Red Flags: Free Read

Luxury retail stores posted declining sales and things are getting worse: An analysis of the daily and monthly trends and leading brands.
John Fetto
5 min read
24 August 2023


With scorching temperatures across large swaths of the United States, it’s hard to believe that we’re on the doorstep of Autumn. Yet shoppers will soon be on the hunt for fall fashions and the most design-conscious consumers will browse the collections of luxury retail department stores like Neiman Marcus, Nordstrom and others. But data from Grips suggests these retailers will struggle to match their revenue targets.

Custom category analysis of luxury retail

A Grips analysis of e-commerce trends among a custom aggregation of multi-brand luxury retailers in the United States shows that e-commerce revenues for the 12 months ending July 2023 were down by a relative three percent year-over-year and July 2023 revenues declined by six percent compared with the year prior. 

Revenues decline for most retailers

The analysis, which included online sales on,,,,, and revealed that, a once rising star, has lost its shine posting a 40 percent drop in sales during the last 12 months. Similarly, is struggling with revenues down 11 percent year-over-year.

Nordstrom and Bloomingdale’s, which combined account for nearly two-thirds of the e-commerce sales of the analyzed set, saw revenues decline by eight percent and three percent respectively in the last year. Meanwhile, Neiman Marcus outperformed the category average by holding revenues steady year-over-year. 

‎‎year-over-year revenue change for luxury retail stores US
Ssense and Bergdorf's saw strong growth in the last year, but all retailers are showing signs of a slowdown.

Ssense and Bergdorfs see revenues increase

While consumers spent less with most luxury retail department stores, Ssense and Bergdorf’s saw annual e-commerce sales increase by 22 percent and 59 percent, respectively. But that good news may be short-lived. That’s because Bergdorf’s e-commerce growth in June and July was up only seven percent year-over-year and Ssense saw an eight percent decline in revenues in June and a 23 percent decline in revenues in July, suggesting that the tides may be turning for both retailers.

Red flags for the future

In fact, all of the retailers included in this analysis except one saw weaker revenue growth in July than they did for the past 12 months in aggregate, which is a red flag. The only retailer to buck the trend was Nordstrom which saw an 11 percent  year-over-year increase in revenues  in both June and July. 

With warning bells going off, it’s important to stay on top of industry trends and Grips provides daily reporting with no lag on the e-commerce sessions, transactions and visits of thousands of sites.

Daily change in market share

Relative to the comp set (excluding My Theresa), saw its average weekly share of category revenue drop to 51 percent during the week ending August 23th from 59 percent the week ending July 26th. All other retailers saw their respective market share increase with gaining the most with market share rising to 17 percent from 14 percent in the last five weeks. nearly matched Neiman’s market share growth rate with market share rising to 20 percent from 16 percent in five weeks, cutting the gap between Bloomingdale’s and Neiman Marcus considerably as we head into fall and then the critical holiday season.

‎‎‎Daily revenue market share for luxury retail stores US
Nordstrom has lost market share in recent weeks with Neiman Marcus and Bloomingdale's gaining the most

What comes next?

Will the category continue to slide into negative territory? Will Nordstrom rebound? Will Bloomingdale’s and Neiman Marcus present a more serious challenge? And will Ssense and Bergdorf’s regain the fire that drove revenues markedly higher in the last year?

To find out, request a live demo of the Grips Competitive Intelligence platform to learn how Grips can help you gain market share by gaining complete visibility into your competitor’s sales, including monthly and daily revenue, average order values, conversion rates, product assortment and more.