Neiman Marcus Shuts Down in Minnesota

Neiman Marcus, the high-end retailer famous worldwide, is shutting down its operation in Minnesota. Thanks to Minnesota’s unstable economic situation, less and less residents are visiting the luxury store; luxury buying is down significantly thanks to the wealthy losing 36 percent off their annual income between 2007 and 2009. So much for Obama’s rhetoric about the rich getting richer. Bloomingdale’s has already closed at Minnesota’s Mall of America.

It isn’t that Minnesota is poor. It’s actually in the top 15 states in terms of average income. But with the Obama economy striking those at the upper end of the income spectrum harder than others, the trickle down effect shuts down businesses. Neiman Marcus has 107 employees at its Nicollet Mall store. None of them are in the 1 percent. All will lose their jobs.