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retail

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    [Figure You Should Know] – 30% [#retail #brands #luxury #promiseconsulting @printempsetudes]

    Shopping is one of the main reason of travelling for wealthy Chinese consumers. Luxury goods bought overseas are either purchased for personal use, either for gifting, even though the latter is not as popular as it was two years ago, declining for 30% in two years. As a matter of fact, according to a survey by Hurun (2015), 82% of “super travelers” are shopping on their behalf.

    Xi Jinping’s anti-corruption policies had a negative impact on the luxury goods market in China, which is why gifting products from brands of high value that were used as bribes aren’t as common as they were before. Since it is strictly forbidden and is applied inside China, wealthy Chinese consumers are now shopping abroad especially for personal use.

    Source: Hurun Report - Financial Times

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    The Changing Face of #Luxury #Retail

    Endri Hasanaj | Mar 25

    With the luxury ecommerce market set to reach $41.8 billion by 2019, navigating the online space is becoming increasingly crucial for high-end retailers. Whereas luxury brands have traditionally set themselves apart by creating an exclusive in-store experience, the significant shift to online over recent years has brought with it a new set of customer expectations. Luxury vendors now face the challenge of redefining their approach in order to stay relevant and ensure they continue to reach their target audience.

    Traditionally, luxury retail has thrived on brand loyalty; customers in the market for a high-end product would typically have a brand in mind and go directly to that particular store to make their purchase. A sale would be dependent not on price factors or product specs, but rather on a first-class in-store customer experience. However, the internet has made it easier than ever to run comprehensive product, price and vendor comparisons, meaning that today’s shoppers are not only extremely well-informed, but accustomed to choice.

    As highlighted by this Technavio report regarding the end of last year, this has led to a notable shift in luxury consumer patterns; high-end shoppers in the online sphere strongly favor a multi-brand environment over single-brand sites. Convenience is now a pivotal factor, and one that online marketplaces are evidently fulfilling more successfully than their uni-brand counterparts. Chrono24, for example, serves as a one-stop-shop for luxury watches, offering competitive pricing, convenient delivery and extensive brand diversity. A quick look at their range here – from Rolex to Cartier to Omega – shows that they are effectively eliminating the need to shop around for these brands individually.

    [READ THE FULL ARTICLE]

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    #Luxury #Stores Will Be Based on #Experience and #Design Flexibility

    In order for retailers to better understand the process of experience-first luxury design, co-founders Jeremy Bergstein and Dave Skaff outlined five steps for architects, designers and retail companies to create thought-out spaces from the onset of the build process:

    1- Consider the ‘New Retail Architecture’ – Physical architecture and digital architecture have to get to know each other. Enterprise technology influences almost every element of the modern customer experience. These systems are too critical to the core service the store delivers to ignore early on. You need to build on a strong foundation before you can architect any type of shoppable brand space.

    2- Think Beyond the Space – Customers are interacting with your brand inside and outside of store lease lines. Understand early on how your customers are engaging with the brand so you can enchant them and build experiences to meet them where they are.

    3- Leverage Historical Data – Don’t underestimate the power of data, and be prepared to make changes along the way. Data can inform everything from hyper-optimized regional store marketing and assortments to store displays, experiences and layout.

    4- Give Customers What They Want – Now that you know your customer, “architect” your space so guests will stay longer and give them an opportunity to have a personal moment with brand and product.

    5- Allow For Flexibility – Remember that key elements like flexible checkout and fulfillment are now table-stakes for a complete customer experience. Flexibility impacts physicality in an store environment.

    The Science Project (TSP) is a luxury retail design firm based in New York City. From Kate Spade to Perry Ellis and Barneys New York, they have continually pushed the boundaries of what truly defines “experience” in meaningful, well-thought-out ways that work across the digital, data and built environments and push the traditional boundaries of architecture.

    [READ THE FULL ARTICLE]

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    Diverse #Miami #Retail Scene Continues to Attract #Luxury #Brands

    Everybody wants a piece of the Miami luxury market.

    Aventura Mall, the third-largest shopping center in the U.S. with 2.7 million square feet, has been adding luxury brands to its mix. Givenchy and Gucci will bow in the summer and fall, respectively. St. John and 120 percent Lino, an Italian brand of linen apparel for men, women and children, recently opened.

    Aventura in 2017 will add a new three-level, 315,000-square-foot wing. The Carlos Zapata-designed extension will have a rooftop garden and VIP concierge area.

    Due to its size, Aventura has a broad array of tenants, the majority of which are not high end. The center, which is anchored by Nordstrom, Macy’s and Bloomingdale’s features other luxury brands including Louis Vuitton, Cartier, Tiffany & Co., Burberry, Fendi, Bally and Emilio Pucci.

    The competition in Miami started heating up in 2012 when Louis Vuitton, Céline, Emilio Pucci and Christian Dior closed their stores at the Bal Harbour Shops and relocated either to Miami’s Design District or Aventura Mall. Hermès, which also defected, operated a temporary store in the Design District before unveiling its 10,000-square foot flagship there last year.

    While several luxury brands operate more than one unit in Miami, the city’s tourist trade has been dented by the strong U.S. dollar, Brazil’s economic downturn and Russia’s prolonged recession. Tourists from Brazil and Russia have been conspicuous consumers of luxury and contemporary goods.

    Jackie Soffer, co-chairman and ceo of Turnberry Associates, owner and manager of Aventura Mall, said the property attracts 28 million visitors a year. “We cater to a much larger audience,” she said, referring to other retail venues. “If you’re selling a $5 million ring, you may not need that. We have a lot of customers buying $10,000 or 20,000 handbags.

    “Tourism is down in Miami,” she added. “The Brazilian market hasn’t been as strong. We’re getting a lot more U.S. tourists. That’s made up for it a bit.”

    “It will be interesting to see what gets built and what works,” Craig Robins, the primary landlord in the Design District. “Some projects will succeed and some won’t do as well. Miami’s such a big, powerful market; there’s room for retailers to have more than one location.”

    The district is owned by Miami Design District Associates, a partnership between Dacra and L Real Estate, a global real estate development and investment fund, General Growth Properties and Ashkenazy Acquisition Corp.

    Bal Harbour Shops wants to expand with a new wing that would nearly double its size to 850,000 square feet. Whitman Family Development, which owns Bal Harbour Shops, needs voter approval for a land swap deal in order to go forward with the plan.

    New construction in Miami includes the 500,000-square-foot Brickell City  Centre, which will be anchored by Saks Fifth Avenue. It’s part of a $1.05 billion, 5.4 million-square-foot, mixed-use Brickell project that’s being developed by Swire Properties Inc., Whitman and Simon. Valentino, Chopard, Guiseppe Zanotti, Bally, Kiton, Vilebrequin and La Perla are among the retailers expected to bow in the fall.

    [READ THE FULL ARTICLE]

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    Experiential Retail: How industry leading cosmetics brands are moving ahead. [#loreal #retail #us]

    By Deanna Utroske, 27-Jan-2016

    L’Oréal’s color cosmetics brand NYX Professional Makeup just opened a digitally enhanced flagship store in California’s Silicon Valley. It’s the start of a new retail strategy for NYX and part of an industry wide movement.