bergdorf goodman has one of the highest real estate in new york city. a luxury museum. they do so well online? milton: they redesigned, they put the product out there. they are doing marketing. they are attracting wealthy millenials. milton: does it have to do with the fact that online can attract international shoppers? walk through, there are international shoppers who you would not normally see. milton: the wealthy are pretty resilient to an economic shots across the world. the u.s. wealthy consumer, and boomer, millenial, love bergdorf goodman. an excellent experience. there's a guy in the shoe business doing a tremendous job. he's the ceo. their client experience matches the product offering, not true for other competitors. erik: investors are going to have to make the same choice that consumers do. which do i want to own? what are you getting in the way of strategy? in the way of differentiation from neiman marcus you are not getting at nordstrom, for example, which is publicly traded. stephanie: hold on. is neiman a fair comp? erik: it is the only comp. macy's is

they own 41 name sake department stores in north america as well as bergdorf goodman. it has its annual christmas category filled with fantasy gifts such as a boeing jet and hot air ballooned. they filed for an ipo in 2013 but instead decided to sell the company for $6 billion. niemann which is headquatered in dallas reported a loss of $147 million in it's most recent fiscal year although revenue rose 4% to $4.8 billion. 22 quarters of positive same store sales growth although it struggled during the financial crisis. nearly 40% of its customers have a median household income of more than $200,000 and more than three quarters are women. the north american luxury retail market is thriving. the sector will grow 4.1% this year versus 3.6% for the global market. shares are up 18% since they debuted on the london stock exchange last year. niemann was one of the first luxury retailers to make a big push online and now gets a quarter of its revenue from online orders but it faces increasing competition from the likes of amazon and rejuvenated sachs fifth avenue. >> back to yo