Champagne and shoes: Luxury stores adapt to changing shopper

Luxury department stores like Neiman Marcus and Saks Fifth Avenue once ruled among the affluent set. Now, they’re fighting a tough battle to lure younger shoppers faced with a lot more shopping choices, including second-hand retailers and fashion rental companies. The new entrants have disrupted the luxury sector by creating different channels to attain the seemingly unattainable. That has forced department stores to reimagine their approach. They now ply customers with new services as well as food and alcohol. They’ve even partnered up with companies like The RealReal and Fashionphile.