Neiman Marcus is a powerful case study of how consistency pays off over time. The brand is among the most famous names in luxury retailing and has survived more than one recession with its focus intact. The company is dealing with perhaps its biggest challenge to date in this economy, but is rising to the occasion again.

Neiman’s longtime CEO, Burt Tansky, demonstrated his resolve last week by telling shareholders, “Full-price selling is what we are concerning ourselves with.” Does Tansky have his head in the sand? Not at all. Neiman Marcus has felt the full effects of significant and sustained consumer belt-tightening, which has hit the luxury sector particularly hard—sales at the famous retailer are down more than 20%. But instead of resorting to lazy, equity-burning discounting, Neiman Marcus is working hard with its designers and suppliers around the world to offer more for less.

Tansky and his team have maintained their commitment to bring fashion-forward, high-end merchandise to their loyal clientele, while taking some of the edge off of the more ostentatious prices. “We have to get the customer to buy [at] full-price,” says Vice President Rachel Golberger. “If you offer the value up front, you won’t get this discounting nonsense.”

Neiman Marcus is standing strong behind its belief that taking the long view is what counts. Here’s hoping—and believing—they will succeed.