Welcome to the first issue of Pro Rata. Well, sort of. Let's call this the beta version, since we'll have more functionality and other good stuff once the full Axios platform launches later this month.
For those who subscribed to my prior newsletters at Fortune and Reuters, welcome back. I've missed you. For newbies, much thanks for signing up. For everyone, let's get to the business of business…
Top of the Morning
Neiman Marcus, a luxury retailer owned by Ares Management and Canada Pension Plan Investment Board, on Friday withdrew IPO registration, saying only that such an offering "not in its best interests... at this time."
Why it's the BFD: Physical retail is struggling, and this move by Neiman Marcus is a notable reflection on the trend. Just last week came word that Macy's and Sears/Kmart were closing a combined 218 stores (here's a map), not to mention The Limited situation. And this is nothing new. Neiman Marcus has reported five straight quarters of declining comp sales, and hadn't even bothered to update its IPO registration since first filing in August 2015.
Bottom line: "Neiman has admitted, luxury shoppers are harder to win over now than before, more impatient to buy items they see on the runway and less willing to wait eight months for those items to be in stores. And the Internet has made comparison shopping that much easier, eroding shopper fealty." -- Phil Wahba, Fortune.