The opportunity: Bloomingdale’s and Nordstrom are gaining ground while some of their luxury rivals stumble.

• Sales at Bloomingdale’s and Nordstrom each rose more than 10% in the most recent quarter, while Saks Global-owned retailers Saks Fifth Avenue and the combined Neiman Marcus/Bergdorf Goodman businesses saw sales fall 16% and 10%, respectively, according to Bloomberg Second Measure data.
• Bloomingdale’s is showing particularly strong momentum, with YoY sales up 6.0% in April, 20.9% in May, and 13.3% in June.
• Nordstrom posted even stronger gains in April (18.4%) and May (21.9%), before a slight dip in June (-3.2%).

Why it matters: When the Saks–Neiman Marcus merger was announced last year—with backing from Amazon and Salesforce—it promised greater supplier leverage and operational efficiencies. But execution has faltered.

Saks Global has drawn backlash for decisions like the announced (and later reversed) closure of Neiman Marcus' downtown Dallas flagship, and for delayed vendor payments that continue to erode trust in its the supply chain.

While Saks Global has seen some recent momentum—securing funding, ramping up vendor shipments, and launching a storefront on Amazon.com—consumers appear to be shifting spending toward Bloomingdale’s and Nordstrom, which have sidestepped such operational missteps.

The caveat: Bloomberg Second Measure data skews toward debit card transactions, which may underrepresent luxury retailers like Saks, Neiman Marcus, and Bergdorf Goodman, where shoppers are more likely to use credit. Conversely, debit-heavy retailers like Nordstrom and Bloomingdale’s may show inflated performance in the data.

Still, the overall trend is clear: Bloomingdale’s and Nordstrom are capturing share in a shifting luxury landscape.

Our take: Execution matters—especially in a luxury market where consumers are increasingly anxious about the economy.

These shoppers have little tolerance for poor experiences, operational missteps, or inventory gaps. Retailers that deliver consistency, trust, and seamless service will be best positioned to retain loyalty and capture share.