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Selective logic

Discussion in 'Classic Menswear' started by imageWIS, Jun 23, 2004.

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  1. imageWIS

    imageWIS Well-Known Member

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    So I go to Neiman's on Saturday to purchase a pair of linen Armani pants (which say size 32, but are really size 28, but that's another matter altogether) and a Theory long-sleeve t-shirt. And I am about to pay, but am told that they do not take VISA or MC only AmEx or the NM charge card; I have previously used cash to purchased items at Neiman's. I am told though that I can use an international VISA card (which I do not have, since I live in the US). I than am told that I can go to the second floor, to customer service, where I can purchase a gift card with my VISA, so I can go back and pay for my purchases. So, I go up to the second floor to customer service, and am told that I can only use the NM charge card, AmEx or international VISA to purchase a gift card. They use to take VISA or MC for the purchase of gift cards, but no longer. Now, the NM website accepts: The Neiman Marcus credit card, American Express, VISA, MasterCard, Diners Club, and Discover (regardless where the card was issued). Bergdorf Goodman (owned by NM) and apparently three NM stores allow you to pay with VISA and MC. I was told that A) they have an exclusive agreement with AmEx: if that were true, then why do three stores carry VISA and MC? B) Each store manager decides whether they carry VISA and MC or not: as well, why would the managers want to turn down business? Something is seriously wrong here...I mean what business turns down customers? Especially affluent customers? [​IMG] Luckily, my friend was there with me and he made me a favor by putting it on his NM charge account (he shops so much that he has the number memorized). Jon. "'if it was so, it might be, and if it were so, it would be; but as it isn't, it ain't. That's logic.'" ~Lewis Carroll
     
  2. dah328

    dah328 Well-Known Member

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    Yeah, it's been a while since I lived near a NM, but that always did bug me. Obviously, NM gets favorable rates from AmEx and their own credit card, but it's surprising that the 2-3% surcharge from MC/Visa would be a greater concern than lost sales from not accepting those cards.

    dan
     
  3. imageWIS

    imageWIS Well-Known Member

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    Another friend of mine is in upper-middle management with NM and he said during the opening weekend of one of their stores they lost about $800,000 in sales because they did not accept VISA or MC. For those counting that equals to a loss of, $400,000 per day, $47,058.82 per hour, $784.31 per minute...sounds like good a good business practice to me.

    Jon.
     
  4. kalra2411

    kalra2411 Well-Known Member

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    That's because a 32 European size is a 28" waist size...
     
  5. kalra2411

    kalra2411 Well-Known Member

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    Let me take a chance to explain this to you; the fact that they say they lost $800,000 is in two ways flawed ideology.

    1.\tThat is just an estimate; there is no chance, in hell that they can know that figure for sure.
    2.\tThey are selling luxury goods here, and this means that there is no chance of lost sales, the whole advantage of being in such a market is that when an average consumer has a desire to purchase a luxury article, every normal practice (when it comes to shopping) is disregarded. Per say you were to buy a Gucci loafer, if it was one season old, you would expect it to be cheaper, whereas if a type of food article had been on the shelves for more than six months, you would still buy it for the same price (obviously not the same piece, but the same type of good). Moreover, if someone wants to buy a suit, which they see in NM at the beginning of the season, they will still buy it, notwithstanding the fact that it will be on sale for half the price in six months. The reason for this is because, a) the consumer may feel that the product is in some way great, and b) the consumer may have traveled a considerable distance to the store in question, so who knows when they will next return. In addition, though I often hear on this forum, that people do not usually pay full price, it still remains that stores sell more in the non-sale period than the sale period in terms of turnover (albeit a much longer period).

    Though this may be entering unwanted territory, extraordinarily few wealth people pay with a credit card. At least; that is the case in London.
     
  6. imageWIS

    imageWIS Well-Known Member

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    Do they only pay with Cheque? Or do they actually lug around several thousand pounds in their wallets? The credit card is a very handy tool, how else are you to carry conceivably hundred of thousands of dollars / pounds in such a small size? And I would wager that most people with means have at least one credit card with a very high credit limit. There is a reason why the American Express Centurion card exists (also referred to as the black AmEx); it is not only a symbol of wealth onto itself, but also the simplest way to carry money whilst having fraud protection and portable insurance at the same time.

    Jon.
     
  7. kalra2411

    kalra2411 Well-Known Member

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    Yes I do have;

    Coutts World Signia
    Mastercard Black
    Visa Corperate Affaires

    I never use AMEX they are idiots of the highest order.


    and many more, but I remain adament, wealthy people ONLY pay in cash. Lest we enter the dark realm of why some are rich.

    Of course it depends what we mean by rich, if you are saying a couple of hunderd thousand per anum, you're in a different league mate.
     
  8. kalra2411

    kalra2411 Well-Known Member

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    Sorry correction, not ONLY pay in cash.

    Only pay for clothing in cash.

    Meals, petrol etc. is another issue
     
  9. imageWIS

    imageWIS Well-Known Member

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    You pay for $5000 of clothes in cash?

    Jon.
     
  10. kalra2411

    kalra2411 Well-Known Member

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    in a nutshell yes. Not all at once though that would raise unneeded atention
     
  11. Bradford

    Bradford Well-Known Member

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    Was it F. Scott Fitzgerald who said "the rich are different than you and I"?

    I have to admit that I've never even heard of these cards - a Black Mastercard, a Visa "Corporate Affaires" and what is that other one?

    Bradford
     
  12. kalra2411

    kalra2411 Well-Known Member

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    Coutts is the most prestigious bank in the world, it is used by the British Royal Family, and many other such people.

    Visa Corporate affairs is a business credit card, all senior employees in LNM Holdings/ Ispat international have one.

    Mastercard black is similar to an AMEX black.
     
  13. j

    j Well-Known Member

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    These credit cards are only for those who put their pants on two legs at a time, Bradford, not for the likes of you and me. [​IMG]
     
  14. kalra2411

    kalra2411 Well-Known Member

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    Come on, now I am getting embarrassed.
     
  15. Renault78law

    Renault78law Well-Known Member

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    weird, i thought rich people didn't carry cash. the logic was, is there anything really worth buying (to a jillionaire) that can't be bought on credit?

    well, kalra disposed of that notion. learn something new everyday.
     
  16. kalra2411

    kalra2411 Well-Known Member

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    Explain to me the logic of paying for something later, when you can pay for it now?

    Many people seem to think that it will help them in some way, but realy, if they are in financial trouble now, it is likeley that they will be later aswell.
     
  17. Brian SD

    Brian SD Well-Known Member

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    [​IMG] [​IMG]
     
  18. LabelKing

    LabelKing Well-Known Member

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    The new AmEx Black card is designed by Alexander McQueen. It was unveiled last time in London.
     
  19. Mike C.

    Mike C. Well-Known Member

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    In other words, pay for things in cash that you can't use as a tax write off.


    On another note, once in Bergdorf Goodman I paid all in cash and the salesmen looked at me weird.
     
  20. kalra2411

    kalra2411 Well-Known Member

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    Wow, we have one inteligent person on the forum. . . . . . . .

    Mike C.

    And BGW accused you of being stupid.
     
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