i received a very interesting note from my friend neiman marcus today. We're not really close friends, I visit two or three times a year, usually while I'm on my way to another retailer in the mall.

But if there was any question that the economy was in the pits, you've got solid proof now. Check out the changes to the NM return policy:


"We want you to be completely happy with your order. If for any reason you are not satisfied, we will gladly accept your timely return of unworn, unwashed, or defective merchandise. Returned merchandise should include the vendor packaging and tags and be in the same condition as when it was received. Used merchandise cannot be returned unless defective.

Return Within Amount of Credit
0-60 days from receipt of merchandise 100% of purchase price
61-120 days from receipt of merchandise 75% of purchase price
121-180 days from receipt of merchandise 50% of purchase price
181+ days from receipt of merchandise 0%

Merchandise returned more than six months after the delivery date will be shipped back to you at your expense. Sale and Last Call® Online Clearance Merchandise
Must be returned within 30 days of receipt of merchandise.

Gifts
When a gift is returned, a Neiman Marcus Group Merchandise Credit Gift Card will be issued to the gift recipient for the amount of the returned merchandise."

Me thinks there were too many cases of people who've hit dire straits going through the closet and returning gently worn gifts, folks who've needed a new outfit for that big party (or inauguration!) buying something and then returning it because it didn't fit, etc. And no more cash back...that's the big one.