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jerryking : affluence   24

(1) LVMH clinches takeover of Tiffany after raising offer to $16.6bn | Financial Times
Arash Massoudi in London, Eric Platt in New York and Michael Pooler in Paris 14 HOURS AGO
affluence  LVMH  Tiffany 
november 2019 by jerryking
Keeping the Mink Mile hot in a cooling retail era - The Globe and Mail
WALLACE IMMEN
SPECIAL TO THE GLOBE AND MAIL
PUBLISHED NOVEMBER 19, 2019

* HIGH-END RETAIL EXPERIENCE IS PUSHING ITS BOUNDARIES
The affluence of this retail location influences nearby streets, spilling north to the area’s namesake Yorkville Avenue.
Turns out this northern stretch of Yorkville Avenue between the Hazelton Hotel at 118 Yorkville Ave. and Bellair Street has seen rents nearly double over the course of three years, currently averaging between $250 and $275 a square foot, JLL found. By comparison, leases on Toronto’s Queen Street West average $100 a square foot, Robson Street in Vancouver $225 and Saint-Catherine Street in Montreal $210, JLL reports. Of course, those numbers pale in comparison to New York’s upper Fifth Avenue, where rents can reach US$2,720, the Beverly Hills triangle in Los Angeles that can command US$1,100 and Oxford Street in London where prime rents are the equivalent of US$775.

* GROWTH IN UPSCALE SHOPPING AREA ISN’T AN ACCIDENT
Yorkville’s launch into the upper echelons didn’t happen by accident, though. Even a few years ago, there was speculation that with shifts in retailing toward more online shopping and a retrenchment of brands that the zone north of the Mink Mile would fall into decline.

Yorkville was getting decidedly shop worn by 2011, when First Capital Properties, a subsidiary of First Capital Realty Inc., acquired Hazelton Lanes, a 1970s shopping mall at the corner of Avenue Road and Yorkville Avenue.

To pump life into the area, First Capital developed a long-term vision for Yorkville that started with a total renovation of the old mall – to give it more street presence. The redevelopment also allowed for a rebranding and the mall became known as Yorkville Village.....There are about 11,000 condominium units in the immediate area and that’s destined to double in the next two years based on what is planned for the area and what is currently under construction.

Add to this the tourism and the business community along Bloor Street and the University of Toronto, and the area is rich in potential customers,

* TREND IN HIGH-END RETAILING REQUIRES ONGOING COMMUNITY SUPPORT
In the past, many brands shifted their flagship stores into enclosed malls, but there’s now a shift back to brands – particularly the higher-end and exclusive name brands – having their main flagship stores at street level in Yorkville.......While the trend in high-end retailing is as much a developer’s vision as it is a retailer’s desire, a lot of the growth in this luxury retail space can be attributed to continual community-building efforts.

“We work in collaboration with other landlords and retailers and galleries in the area to create a sense of neighbourhood,” says Melissa Campisi, First Capital’s director of strategic partnerships and event management.....Events and attractions throughout the year are key to building a retail experience.... In a space that was formerly an Anthoropolgie store, First Capital arranged fashion talks and charity events........

* THE FUTURE OF THE HIGH-END RETAIL EXPERIENCE AT YORKVILLE
The Yorkville area is destined to become even more of a world-class retail destination as the area transforms with an unprecedented amount of construction and new leasing activity......The trends are in favour of growth for luxury retail, concludes the 2019 Canadian Luxury Apparel Market report by retail marketing research firm Trendex North America...... the Canadian luxury apparel market will increase by 5.8 per cent in 2019 and by 18 per cent from 2019 to 2023, to reach $3.2-billion in sales within the next five years.....More importantly,...the luxury sector growth rate will be nearly twice that of the overall clothing retail sector.
affluence  brands  densification  high-end  luxury  Mink_Mile  neighbourhoods  property_development  real_estate  rebranding  retailers  Toronto  upscale  urban_intensification  uToronto  Wallace_Immen  Yorkville 
november 2019 by jerryking
Quote by F. Scott Fitzgerald: “Let me tell you about the very rich. They are d...”
F. Scott Fitzgerald

“Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is very difficult to understand. They think, deep in their hearts, that they are better than we are because we had to discover the compensations and refuges of life for ourselves. Even when they enter deep into our world or sink below us, they still think that they are better than we
are. They are different. ”
affluence  F._Scott_Fitzgerald  high_net_worth  quotes 
october 2019 by jerryking
Luxury Brands Buy Supply Chains to Ensure Meeting Demand
Nov. 15, 2018 | The New York Times | By Mark Ellwood.

The luxury markets are booming to such an extent that brands look to ensure they can meet demand by buying companies that supply their raw materials.

In the last six years, David Duncan has been on a buying spree. This Napa Valley-based winemaker and owner of Silver Oak Cellars hasn’t been splurging on fast cars or vacation homes, though. He’s been buying up vines — close to 500 acres in Northern California and Oregon.

It’s been a tough process, at times: He almost lost one site to a wealthy Chinese bidder. It was only when he raised his offer by $1 million that he clinched the sale at the last moment. At the same time, Mr. Duncan also took full control of A&K Cooperage, now the Oak Cooperage, the barrel maker in Higbee, Mo., in which his family had long held a stake. These hefty acquisitions are central to his 50-year plan to future-proof the family business against a changing luxury marketplace.

As Mr. Duncan realized, this market faces what might seem an enviable problem: a surfeit of demand for its limited supply. The challenge the winery will face over the next decade is not marketing, or finding customers, but finding enough high-quality raw materials to sate the looming boom in demand. Though there might be economic uncertainty among the middle classes, wealthier consumers are feeling confident and richer because of changes like looser business regulations and lower taxes.
affluence  artisan_hobbies_&_crafts  brands  competitive_advantage  core_competencies  future-proofing  high_net_worth  high-quality  luxury  raw_materials  scarcity  supply_chains  sustainability  vertical_integration  vineyards 
november 2018 by jerryking
Lost Einsteins: The Innovations We’re Missing -
DEC. 3, 2017 | The New York Times | David Leonhardt.

societies have a big interest in making sure that as many people as possible have the opportunity to become scientists, inventors and entrepreneurs. It’s not only a matter of fairness. Denying opportunities to talented people can end up hurting everyone.

.....Raj Chetty....is a Stanford professor who helps lead the Equality of Opportunity Project.... considered among the most important research efforts in economics today.....The project’s latest paper, out Sunday, looks at who becomes an inventor — and who doesn’t. The results are disturbing....The key phrase in the research paper is “lost Einsteins.” It’s a reference to people who could “have had highly impactful innovations” if they had been able to pursue the opportunities they deserved.....children who excelled in math were far more likely to become inventors. But being a math standout wasn’t enough. Only the top students who also came from high-income families had a decent chance to become an inventor.

This fact may be the starkest: Low-income students who are among the very best math students — those who score in the top 5 percent of all third graders — are no more likely to become inventors than below-average math students from affluent families:

....“There are great differences in innovation rates,” Chetty said. “Those differences don’t seem to be due to innate ability to innovate.” Or as Steve Case — the entrepreneur who’s now investing in regions that venture capital tends to ignore — told me when I called him to discuss the findings: “Creativity is broadly distributed. Opportunity is not.” [or life’s basic truth: Talent is universal, but opportunity is not.]
innovation  equality_of_opportunity  Steve_Case  Albert_Einstein  achievement_gaps  affluence  high-income  low-income  mathematics  capitalization  human_potential  inventions  inventiveness  inventors  creativity  quotes  unevenly_distributed 
december 2017 by jerryking
Rich People
“Rich People plan for three generations
Poor people plan for Saturday night”

― Gloria Steinem
tags: class-distinction, inspirational
affluence  quotes  generational_wealth  personal_finance  social_classes  beforemath  forward_looking  foresight  preparation  time_horizons  Gloria_Steinem 
october 2017 by jerryking
Travel Agents? No. Travel ‘Designers’ Create Strategies, Not Trips. - The New York Times
By JOANNE KAUFMAN JULY 5, 2017

Affluent travelers are turning to travel designers, whose services go beyond booking trips to managing travel portfolios.....a subset of travel planners — they prefer the term travel designers — who do far more than simply book trips. They manage the travel portfolios of their affluent clients, mapping out a schedule that might, over a year, include mother-daughter weekends in the Caribbean, father-son heli-skiing, a romantic husband-and-wife weekend getaway and an elaborate summer trip for the whole family.....A high level of planning and involvement “is part of an emerging market where there are people who have more money than time and want expertise,” ..... For example, he said, “a traditional travel agent wouldn’t know to ask questions like ‘what’s the smallest plane you’d be willing to fly on?’”

Such clients,...may not be price sensitive, but are highly sensitive to perceived slights. “Someone I know professionally,” he said, “went on a trip to a remote location and was served frozen orange juice, and told me he would never use his travel designer again because he expected fresh juice.”

Often, long-range planning is a practical necessity. Some of the most sought-after lodges and boutique hotels have limited space.....my own take, a caveat, is that it is unclear whether the degree of planning involved leaves room for serendipity (See Add Uncertainty to Your Financial Plans - NYTimes.com)
affluence  boutique_hotels  concierge_services  curation  detail_oriented  high_net_worth  high-touch  hospitality  hotels  itineraries  long-range  luxury  planning  portfolio_management  serendipity  travel  travel_agents  uncertainty 
july 2017 by jerryking
In an Age of Privilege, Not Everyone Is in the Same Boat - The New York Times
By NELSON D. SCHWARTZAPRIL 23, 2016

When top-dollar travelers switch planes in Atlanta, New York and other cities, Delta ferries them between terminals in a Porsche, what the airline calls a “surprise-and-delight service.” Last month, Walt Disney World began offering after-hours access to visitors who want to avoid the crowds. In other words, you basically get the Magic Kingdom to yourself.

When Royal Caribbean ships call at Labadee, the cruise line’s private resort in Haiti, elite guests get their own special beach club away from fellow travelers — an enclave within an enclave....From cruise ship operators and casinos to amusement parks and airlines, the rise of the 1 percent spells opportunity and profit.
income_inequality  social_classes  social_stratification  exclusivity  affluence  luxury  high_net_worth  The_One_Percent  caste_systems  travel  airline_industry  airports  concierge_services  enclaves  theme_parks  Disney  casinos  delighting_customers  top-tier  cruise_ships  Royal_Caribbean 
april 2016 by jerryking
Education Gap Between Rich and Poor Is Growing Wider - The New York Times
SEPT. 22, 2015 | NYT | Eduardo Porter.

For all the progress in improving educational outcomes among African-American children, the achievement gaps between more affluent and less privileged children is wider than ever, notes Sean Reardon of the Center for Education Policy Analysis at Stanford. Racial disparities are still a stain on American society, but they are no longer the main divider. Today the biggest threat to the American dream is class.....Financed mainly by real estate taxes that are more plentiful in neighborhoods with expensive homes, public education is becoming increasingly compartmentalized. Well-funded schools where the children of the affluent can play and learn with each other are cordoned off from the shabbier schools teaching the poor, who are still disproportionally from black or Hispanic backgrounds.
poverty  African-Americans  income_inequality  racial_disparities  real_estate_taxes  education  achievement_gaps  social_classes  public_education  sorting  segregation  geographic_sorting  neighbourhoods  children  affluence  upper-income  super_ZIPs  compartmentalization  the_American_dream 
september 2015 by jerryking
Luxury wars: How hotels are wooing the uber rich
Nov. 11 2013 | The Globe and Mail | DAWN WALTON — Special to The Globe and Mail.
hotels  luxury  high_net_worth  affluence 
november 2013 by jerryking
How Canadian companies can tap into Asia’s consumer boom
Jun. 03 2013 | G&M | by DOMINIC BARTON.

Possible send to Earl Davis of Teachers.

To capture this opportunity, Canadian companies need an intimate understanding of the new Asian consumers. First, on the consumption and services front, they need to locate these consumers, with forensic precision....Second, Canadian companies need to understand the diverse and evolving tastes of Asian consumers. Across the region, the number of higher income households is rapidly expanding. These consumers are often young, are more international in their outlook, and are more willing to pay a premium for quality products. They consume more services, from education and health care to foreign travel....Third, Another significant opportunity for Canada is the provision and delivery of food, energy, and natural resources. By 2030, global demand for food is expected to rise by more than 25 per cent, mostly in Asia, and fertilizer demand will grow by 50 per cent.
Dominic_Barton  McKinsey  China  Canadian  target_marketing  consumer_behavior  shifting_tastes  China_rising  booming  Asia  Asian  Asia_Pacific  BRIC  middle_class  inland  affluence  infrastructure  forensics 
june 2013 by jerryking
Swallowing Rain Forest, Brazilian Cities Surge in Amazon - NYTimes.com
November 24, 2012 | NYT | By SIMON ROMERO.

The Amazon has been viewed for ages as a vast quilt of rain forest interspersed by remote river outposts. But the surging population growth of cities in the jungle is turning that rural vision on its head and alarming scientists, as an array of new industrial projects transforms the Amazon into Brazil’s fastest-growing region....Of the 19 Brazilian cities that the latest census indicates have doubled in population over the past decade, 10 are in the Amazon. Altogether, the region’s population climbed 23 percent from 2000 to 2010, while Brazil as a whole grew just 12 percent....The soaring population growth in some cities in the Amazon — called the “world’s last great settlement frontier” by Brian J. Godfrey, a geography professor at Vassar College who is the co-author of “Rainforest Cities” — is intensifying an urbanization that has been advancing for decades.
Brazil  Amazon_forest  cities  urban  urbanization  deforestation  population_growth  economic_development  inland  affluence  internal_migration 
november 2012 by jerryking
'Boot Camp' Offers the Young Rich Lessons in Handling Their Wealth - WSJ.com
December 27, 2006 | WSJ | By SCOTT STEARNS .
'Boot Camp' Offers the Young Rich Lessons in Handling Their Wealth
parenting  high_net_worth  affluence  wealth_management  training  youth  personal_finance  financial_literacy 
august 2012 by jerryking
Crisis fails to dampen art service demand at banks
Oct 17, 2008 | Reuters | By Jo Winterbottom.

The art advisory service belongs to the overall wealth management offer. I don't think it will be cut back," said Karl Schweizer, head of art banking and numismatics at UBS.
high_net_worth  private_banking  collectibles  collectors  wealth_management  art  art_advisory  precious_metals  valuations  auctions  affluence  investment_advice  banks 
august 2012 by jerryking
The Opportunity Gap - NYTimes.com
The Opportunity Gap
By DAVID BROOKS
Published: July 9, 2012

Decades ago, college-graduate parents and high-school-graduate parents invested similarly in their children. Recently, more affluent parents have invested much more in their children’s futures while less affluent parents have not.

They’ve invested more time. Over the past decades, college-educated parents have quadrupled the amount of time they spend reading “Goodnight Moon,” talking to their kids about their day and cheering them on from the sidelines. High-school-educated parents have increased child-care time, but only slightly.

A generation ago, working-class parents spent slightly more time with their kids than college-educated parents. Now college-educated parents spend an hour more every day. This attention gap is largest in the first three years of life when it is most important.

Affluent parents also invest more money in their children. Over the last 40 years upper-income parents have increased the amount they spend on their kids’ enrichment activities, like tutoring and extra curriculars, by $5,300 a year. The financially stressed lower classes have only been able to increase their investment by $480, adjusted for inflation.

As a result, behavior gaps are opening up. In 1972, kids from the bottom quartile of earners participated in roughly the same number of activities as kids from the top quartile. Today, it’s a chasm.
David_Brooks  parenting  achievement_gaps  opportunities  social_classes  purchase_decisions  opportunity_gaps  college-educated  working_class  attention_gaps  affluence  behavior_gaps  super_ZIPs  self-perpetuation  values  unfair_advantages  upper-income  high-school_graduated 
july 2012 by jerryking
Life continues sweetly for the .001 percent
10 November 2011 | Breakingviews | By Jeffrey Goldfarb.

Context News
The season’s art auctions ended with the sale of $316 million of contemporary and postwar art at Sotheby’s on Nov. 9. The event took place just hours after U.S. stocks tumbled 3 percent in the market’s worst day since mid-August.

“It was one of the best auctions I’ve ever seen in my life,” said Nicolai Frahm, a leading London-based contemporary art adviser. One work, “1949-A-No. 1” by Clyfford Stills fetched $61.7 million, smashing the previous record for the artist at more than twice the presale estimate.

Separately, at a Time magazine person of the year event on Nov. 9, celebrity chef Mario Batali likened bankers to Adolf Hitler and Josef Stalin. Batali later apologized, but not before news of the comments had swept across Wall Street, prompting some financiers to say they would boycott his restaurants.
auctions  high_net_worth  art  collectibles  contemporary_art  collectors  affluence  Mario_Batali  Sotheby's  the_one_percent 
november 2011 by jerryking
Inside the Billionaire Service Industry -
September 2006 | Magazine - The Atlantic | By Sheelah Kolhatkar.

Need designer lighting for your jet? Fancy a dressage horse for your daughter? Have staffing issues in your 50,000-square-foot house? A growing army of experts stands ready to bear any burden for the ultrarich
high_net_worth  concierge_services  training  affluence  Sheelah_Kolhatkar 
october 2011 by jerryking
Unknown Cities in Brazil and Russia Are Getting Richer -
September 30, 2010! BusinessWeek ! By Mehul Srivastava. A
growing middle class in lesser-known towns presents a huge opportunity
to marketers. Most multinationals build a large presence in the top 10
cities of emerging-market countries such as Brazil, China, India, and
Indonesia, so Rio, Shanghai, Delhi, and Jakarta get their
state-of-the-art autos, cell phones, and retailers. Yet this focus comes
at a cost. In a survey of multinationals, BCG found that most of the
companies ignored cities with smaller populations and less apparent
potential. Cities such as Aurangabad, Curitiba in Brazil, Xiaochang in
China, and Yekaterinburg in Russia get lumped together, BCG found, with
the mostly poor, rural populations that few companies, with notable
exceptions such as Unilever (UL), are eager to pursue. "The next billion
consumers, who are far above the poverty line, have high consuming
power, and they are just not coming onto people's radars," says Sharad
Verma, a partner at BCG.
BRIC  middle_class  inland  affluence  internal_migration  cities  BCG  unknowns 
october 2010 by jerryking
There Is No Upside to a Down Economy - WSJ.com
JUNE 5, 2009 | Wall Street Journal | By TODD G. BUCHHOLZ.
affluence  progress  development 
june 2009 by jerryking

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