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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 
12 weeks ago by jerryking
Rihanna to lead new LVMH fashion house
May 10, 2019 | Financial Times | by Harriet Agnew in Paris.

Pop star will launch a new line of ready-to-wear luxury clothing, footwear and accessories brand named Fenty, becoming the first woman to create an original brand at LVMH. This is significant because it is one of the most high-profile creative tie-ups to date between a celebrity and a luxury group, and illustrates the lucrative potential of celebrities to draw attention — and sales — through Instagram (Rihanna has 70.5m followers). .....LVMH said Fenty would be “centered on Rihanna, developed by her, and takes shape with her vision . . . including commerciality and communication of the brand”....Rihanna joins other singers such as Beyoncé in launching her own clothing line.....
accessories  apparel  beauty  brands  celebrities  creative_class  digital_influencers  entrepreneur  entrepreneurship  Fenty  footwear  greenfields  Instagram  luxury  LVMH  music  partnerships  singers  clothing  clothing_labels 
may 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
Is Thomas Goode a sleeping giant of British retail?
August 31, 2018 | Financial Times | by Horatia Harrod.

200 year old Thomas Goode & Co is a homewares powerhouse.... Outfitted in morning suits, the staff — many of whom have worked at Thomas Goode for more than two decades — are solicitous and impeccably well-informed. There’s only one thing lacking. Customers....Johnny Sandelson, is the property entrepreneur who acquired the store for an undisclosed amount in July 2018. .....Sandelson has set himself the task of waking the company up — and it’s going to take more than just turning on the lights. What is required is a 21st-century overhaul....Thomas Goode sells more over the phone than it does online, for the simple reason it has no ecommerce platform. Some 40 per cent of its £5m in annual sales comes from special orders — a loyal client outfitting their new yacht or private jet — but oligarchs alone are unlikely to keep the business afloat....The plan, Sandelson says, is to democratise. “Fortnums did it, Smythson did it. Those great British brands reinvented themselves to become relevant to the affluent middle classes, but Thomas Goode didn’t.”.......Sandelson hopes that, in an age of experiential retail, the shop’s peerless service will entice a new generation of customers. He’s also eyeing up collaborations to reach those for whom the Thomas Goode name has little resonance.......Parts of the business that had lain dormant are to be revived, with an injection of £10m-£15m in investment. There’s a voluminous archive to be mined for designs, and production of tableware in the Thomas Goode name is being restarted at factories in Stoke-on-Trent......Sandelson is committed to a revival. “We’re unashamedly proud of our British heritage and our British brand,” he says. “To honour that, you have to be involved with a very high standard of manufacturing in Britain. There would be cheaper ways of going about things, but the British way stands for quality. Stoke-on-Trent has been producing beautiful plates for 200 years. So it works for us.”....Almost inevitably, the top floors of the South Audley Street flagship are to be turned into luxury flats. “Will we be able to afford a shop of this scale in the coming years?” says Sandelson. “I think the brand is bigger than the premises. I’m pursuing the dream on the basis that the building will be developed over time and we’ll hope to have a space within it.”
21st._century  brands  commercial_real_estate  entrepreneur  experiential_marketing  gift_ideas  heritage  history  homewares  London  luxury  middle_class  property_development  real_estate  retailers  restorations  revitalization  turnarounds  United_Kingdom  Victorian 
september 2018 by jerryking
Boom amid the bust: 10 years in a turbulent art market | Financial Times
July 27, 2018 | FT| by Georgina Adam.
September 15 2008, the date of Lehman Brothers' bankruptcy filing, was also the first day of a spectacular gamble by artist Damien Hirst, who consigned 223 new works to Sotheby’s, bypassing his powerful dealers and saving millions by cutting out their commissions........The two-day London auction raised a (stunning) total of £111m.......o the outside world, though, the Hirst auction seemed to indicate that despite the global financial turmoil, the market for high-end art was bulletproof....in the wake of the Hirst sale, the art market took a severe dive.... sales plunging about 41% by 2009, compared with a market peak of almost $66bn in 2007. Contemporary art was particularly badly hit, with sales in that category plunging almost 60 % over 2008-09. Yet to the surprise, even astonishment, of some observers, the art market soon started a rapid return to rude health...the make-up of the market has changed. The mid-level — works selling between $50,000 and $1m — has been sluggish, and a large number of medium-sized and smaller galleries have been shuttered in the past two years. However, the high-performing top end has exploded, fuelled by billionaires duelling to acquire trophy works by a few “brand name” artists....A major influence on the market has been Asia....What has changed in the past 10 yrs. is what Chinese collectors are buying. Initially Chinese works of art — scroll paintings, furniture, ceramics — represented the bulk of the market. However, there has been a rapid and sudden shift to international modern and contemporary art, as shown by Liu and other buyers, who have snapped up works by Van Gogh, Monet and Picasso — recognisable “brand names” that auction houses have been assiduously promoting......Further fuelling the high end has been the phenomenon of private museums, the playthings of billionaires....In the past decade and even more so in the past five years, a major stimulus, mainly for the high end, has been the financialization of the market. Investment in art and art-secured lending are now big business....In addition, a new layer of complexity is added with “fractional ownership” — currently touted by a multitude of online start-ups. Often using their own cryptocurrencies, companies such as Maecenas, Feral Horses, Fimart or Tend Swiss offer the small investor the chance to buy a small part of an expensive work of art, and trade in it.....A final aspect of the changes in the market in the past decade, and in my opinion a very significant one, is the blurring of the art, luxury goods and entertainment sectors — and this brings us right back to Damien Hirst....Commissions are probably also lucrative. E.g. a Hirst-designed bar called Unknown was unveiled recently in Las Vegas’s Palms Casino Resort. It is dominated by a shark chopped into three and displayed in formaldehyde tanks, and surrounded by Hirst’s signature spot paintings. Elsewhere, Hirst’s huge Sun Disc sculpture, bought from the Venice show, is displayed in the High Limit Gaming Lounge. ...So Hirst neatly bookends the decade, whether you consider him an artist — or a purveyor of entertainment and luxury goods.
art  artists  art_finance  art_market  auctions  boom-to-bust  bubbles  contemporary_art  crypto-currencies  Christie's  Damien_Hirst  dealerships  entertainment  fees_&_commissions  fractional_ownership  high-end  luxury  moguls  museums  paintings  Sotheby's  tokenization  top-tier  trophy_assets  turbulence 
july 2018 by jerryking
Is This the Start of Better Airport Shopping in the U.S.? - WSJ
By Scott McCartney
March 14, 2018

In the age of online shopping, retailers are finding that airports can take some of the sting out of declining mall traffic. Travelers have time to kill [JCK: "downtime"] and money to spend when they’re captive inside airport security. Major airports around the world, from Singapore to Dubai, London to Beijing, have essentially become shopping malls with gates.......Airports like duty-free shops because they get a cut of the revenue; luxury-goods makers like the chance to interact in person with shoppers; and customers like the convenience, savings and opportunity for capricious purchases.....“The variety is good,” he says. “I don’t know if the prices are good, but the convenience is.”

Name-brand cosmetics and perfumes especially can be cheaper at the airport, with special packages, quantities and, for some brands, unique products. Other items can be hit and miss.....Airport customer research showed a hunger for high-end retail catering to expense-account business travelers and vacationers dubbed “indulgent explorers,” who are willing to spend on unique items, especially local brands. .......Moët Hennessy, the Paris-based maker of Champagne and cognac, has a boutique in the Dallas duty-free store where it does tastings of rare editions—a spot of cognac before boarding. The unit of luxury-goods conglomerate LVMH sees airport retail as a chance to educate consumers about its brand. ....DFW's duty free mall store has no doors; travelers just wander through. Brands have their own areas, creating a boutique feel. There is some seating upstairs on an open, second level designed for events such as tastings, entertainment and parties that will lure curious passengers.

While online retailing has curtailed some airport retail business, companies say they are still seeing growth—stronger than other traditional venues like malls or Main Streets.
airports  brands  convenience  downtime  duty-free  glamour  high-end  luxury  LVMH  retailers  travel 
march 2018 by jerryking
Italian luxury group Zegna tailors its cloth to suit millennials
NOVEMBER 19, 2017 | FT | by Rachel Sanderson in Milan.

Casual wear has become the fastest-growing luxury segment as tech savvy consumers want a high-end iteration of the “hoodie and sneakers look” favoured by tech entrepreneurs from Silicon Valley to China.....The response of Mr Zegna, who together with his sister Anna and cousin Paolo run Zegna, has been to “reinvent ourselves in the casualisation world”.
.....So-called casualisation of luxury is one of the biggest trends in the €250bn industry, according to consultant Bain. Luxury brands invested €500m on developing “rubber slides” (a type of flip-flop) last year alone and €3.5bn on sneakers in an effort to attract millennial and Generation Z consumers, estimated to make up nearly half of the luxury market by 2025.

Failure to spot the trend can prove costly. Patrizio Bertelli, co-chief executive of family firm Prada, last month blamed a failure to spot the trend for luxury sneakers behind a tumble in revenues in its first half.

The luxury industry invested €3.5bn on sneakers last year as they tap the trend for upmarket casualisation © Bloomberg
“If there is one product today that is impulse driven and creates emotions [among consumers] it is the sneaker,”
..Zegna’s strength is that it controls its entire supply chain. ....Zegna three years ago bought a 6,300 acre farm with 10,000 sheep in Australia. Last year, it bought 60 per cent of a textile factory in Italy. Mr Zegna likes to say that Zegna goes from “sheep to shop to screen”, the latter in a nod to the rise of online shopping for luxury. Of its 7,000 employees half work in the industry and half in distribution.
.......Zegna says having raw materials and manufacturing at its fingertips has surprisingly proven a boon. “In this day in which the suit, like the tie, is not so popular, people are going for personalisation,”
.....In the world of men’s luxury — like other disrupted industries — consumers either want things “very fast” luxury or “very slow”, he argues.

For those willing and able to pay upwards of €5,000 for a bespoke suit, “It will take at least three months for you to have your beautiful garment,” says Mr Zegna with an evident satisfaction.
luxury  Italian  mens'_clothing  suits  millennials  CEOs  trend_spotting  sneakers  family-owned_businesses  Zegna  digital_savvy 
november 2017 by jerryking
Another Arnault Steps Into the Spotlight
NOV. 7, 2017 | The New York Times | By ELIZABETH PATON.

Clos19, LVMH’s first e-boutique and travel experience agency dedicated to Champagne, wines and spirits, had its debut in the United States, via a fizz-fueled soiree in New York. The focus of Ms. Watine Arnault’s brainchild, she said after the party, is on the “art of hosting” in the 21st century.

So what, one wonders, does that entail? Clos19 isn’t exactly an online bottle shop. Yes, you can order crates of LVMH’s finest drinks brands, like Dom Pérignon, Veuve Cliquot, Belvedere or Hennessy, to be delivered to your door in 24 hours. But you can also specify the temperature of the deliveries, and the glassware to go with it. Tastings or consultations with in-house experts will be regularly offered, as is event planning for weddings and dinner parties.

Clos19 also offers access to LVMH cellars or experiences designed around the spirits, including a fire-and-ice tasting in Antarctica or yachting off the Cloudy Bay vineyards in New Zealand. The lowest-priced experience is about $230, with the cost of luxury scaling up from there to dizzying heights.
LVMH  digital_strategies  Clos19  liquor  events  curation  brands  luxury  family-owned_businesses  Champagne  experiential_marketing 
november 2017 by jerryking
The next Coco Chanel will be a coder
Aug. 26, 2017 | The Financial Times. p4. | by Federico Marchetti.

Eager to know what the next big thing in luxury will be? I am utterly convinced that digital talent will be as important to fashio...
brands  CEOs  coding  digital_influencers  digital_savvy  fashion  Instagram  luxury  Yoox 
november 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
The Fashion Outlaw Dapper Dan
JUNE 3, 2017 | The New York Times | By BARRY MICHAEL COOPER.

Twenty-five years after luxury labels sued his Harlem
boutique out of existence, Gucci looks to him for inspiration......Things have come full circle. Litigation by luxury brands ran Dapper Dan’s Boutique out of business in the ’90s, and now here comes a major fashion house trying to grab the attention of a generation steeped in hip-hop by finding inspiration in a onetime fashion outlaw...... last week after Gucci unveiled a jacket that looked very much like one he designed nearly three decades ago for the Olympic sprinter Diane Dixon.

The fur-lined piece with balloon sleeves created by Mr. Day in the 1980s made use of the Louis Vuitton logo without the brand’s permission. The new Gucci jacket, designed by Gucci’s creative director, Alessandro Michele, remakes the Dapper Dan jacket, but with the interlocking double-G Gucci logo in place of the Louis Vuitton markings......Gucci [now] acknowledges its debt to the designer......In addition to Gucci’s recent salutation, the Museum of Modern Art plans to include Mr. Day’s work in its fall show “Items.” In an email, MoMA’s senior curator of architecture and design, Paola Antonelli, called Mr. Day a “trailblazer” who “showed even the guardians of the original brands the power of creative appropriation, the new life that an authentically ‘illicit’ use could inject into a stale logo, as well as the commercial potential of a stodgy monogram’s walk on the hip-hop side.”.....“What Dap did was take what those major fashion labels were doing and made them better,” said the rapper Darold Ferguson, Jr., who goes by the stage name ASAP Ferg and whose father, Darold Sr., worked at the boutique in the ’80s. “He taught them how to use their designs in a much more effective way. Dap curated hip-hop culture.”

Steve Stoute, the chief executive of the marketing firm Translation, said: “I think what Dap did, he actually taught an entire generation how to engage with luxury brands. Luxury brands, at that point, were not for us. They didn’t even have sizing for black people. So every time I walk into Louis Vuitton to buy a pair of sneakers, or buy a pair of pants in my size, I know they’re only doing it because of Dapper Dan.”....experiences with poverty growing up [crummy shoes] gave him an understanding of how clothes reflect social status.... the need to dress to impress is part of a generational mind-set for many black men who grew up in Harlem......Clothes designing sounds fascinating, but it’s hard work. Folks don’t realize that there are limitations in the body form. We’re humans: We have arms, legs, chest. The exciting part of designing clothes is that you can be really creative within the context of those limitations.”.......Samira Nasr, the fashion director for Elle magazine, likened Mr. Day’s work to that of the innovative hip-hop D.J.s of the era, such as Jason Mizell, a client of Mr. Day’s. Mr. Mizell, who died in 2002, created beats for Run-DMC under the name Jam Master Jay. “Sampling was taking existing music and slicing it to recreate new sounds for original lyrics,” Ms. Nasr wrote in an email. “Dap was sampling in a way. He was taking existing fabrications and breathing new life and beauty into them.”
litigation  luxury  brands  clothing_labels  Gucci  Harlem  stylish  mens'_clothing  African-Americans  New_York_City  sampling  streetwise  '80s  '90s  inspiration  hip_hop  fashion  outlaws  design  retailers  knockoffs  copycats  creative_appropriation  underground_economy  crack_cocaine 
june 2017 by jerryking
China gifts luxury a reprieve
29 April/30 April 2017 | FT Weekend | by Harriet Agnew and Tom Hancock

Chinese consumers, the drivers of global luxury for more than a decade, once travelled overseas to the European fashion capitals of Paris, London and Milan to take advantage of lower prices. Now they are increasingly inclined to spend at home. Last year Chinese consumers made two-thirds of their personal luxury goods purchases domestically, compared with roughly a third in 2013, according to the Boston Consulting Group.
.............In an era of lower growth, brands are trying to adapt to changing consumer demands and the disruption of digital while keeping the creative process at the heart of it. “Creativity and audacity is what allows you to elicit desire [and therefore sales] over the long run, telling a story that people want to discover, chapter after chapter,” says François-Henri Pinault, chairman and chief executive of Kering.
......Yet brands can no longer rely on opening lots of new stores to fuel growth. Instead they have to keep costs down, revamp their existing stores to make them more profitable, and seek new customers through avenues like digital.

“The business model of luxury has completely changed,” says Erwan Rambourg, global co-head of consumer and retail at HSBC in New York. “Either brands understand that and make the changes themselves, or they don’t and they leave themselves open to activism or M&A.”
.......Compared with other consumer brands, luxury has been late to the digital party. Phoebe Philo, the then creative director at fashion house Céline, told Vogue in 2013 that “the chicest thing is when you don’t exist on Google”. But that view now looks unsustainable.

Six out of 10 sales are digitally influenced, says BCG, which estimates that online commerce will grow from 7 per cent of the global personal luxury market today to 12 per cent by 2020.

Within digital, the holy grail is so-called omnichannel — the ability to offer a seamless experience to customers that blends digital and bricks-and-mortar stores, and includes initiatives like click-and-collect. “Blending the physical and the digital is the future of the online flagship stores,” says Federico Marchetti, chief executive of the YOOX Net-a-Porter Group.

The emphasis is on the customer experience. Net-a-Porter is launching a same-day delivery service in September for its top clients in London called, “You try, we wait.” Customers will be able to try on their online order at home or in the office while the delivery van waits outside.
......As e-commerce gathers steam and groups collect more and more data on their clients, the next stage is machine learning and artificial intelligence, believes Mr Marchetti. In this vision of the future algorithms will act as virtual shopping assistants, suggesting items that the customer might like, “enabling us to speak to each customer on an individual basis rather than to the whole customer base”, he says.

Luxury brands are also increasingly using blogs, online “influencers” and social media platforms such as Instagram to generate visibility and lure potential buyers.

All of this is happening at a time when the definition of what constitutes luxury is expanding beyond physical possessions to include experiences both as a competitor to, and opportunity for, the traditional houses.

“Luxury brands are now competing with the plastic surgeon and the luxury travel agent,” says Mr Rambourg. “For a similar price you can have a Louis Vuitton handbag, a facelift or a trip to the Maldives.”
....“Our pulse is the Chinese customer,” says LVMH’s Mr Guiony: “It made the sector worse a couple of years ago and it has made it better now. We have to be aware of that. Trees don’t grow to the sky.”
/
luxury  brands  China  Chinese  China_rising  consumers  digital_disruption  e-commerce  travel_agents  BCG  growth  LVMH  watches  noughties  Yoox  customer_experience  WeChat  Burberry  digital_influencers  creativity  audacity  storytelling  omnichannel  artificial_intelligence  machine_learning  virtual_assistants  same-day 
may 2017 by jerryking
At Luxury Stores, It Isn’t Shopping, It’s an Experience - WSJ
By Christina Binkley
April 16, 2017

What do luxury retailers in urban areas do when they face heavy pressure from the internet? Make their stores an experience. The high-end stores of tomorrow won’t try to compete with online retailers on price or convenience. Instead, they’ll do what many luxe shops are experimenting with now—turning themselves into destinations that customers go to visit instead of simply shop.....Stores will offer human connections, entertaining discoveries and dining options. And instead of being designed to feature one kind of inventory, the stores will function like pop-ups—completely changing what they offer from time to time, or even sweeping products aside to host community events......digital-native shoppers will determine how stores look and function, particularly in cities, where online alternatives with two-hour delivery windows are already plentiful.....

“Selling things isn’t going to be obvious. It’s going to be about selling experiences,” says John Bricker, creative director for Gensler, one of the world’s largest architectural firms with a global retail design practice......In some cases, retailers go so far to create destinations that they don’t even try to sell their signature products. The Gensler-designed Cadillac House in the lobby of the car maker’s New York headquarters is an art gallery and coffeehouse, with luxe white sedans on display by the entrance. People wander in for free Wi-Fi, then get familiar with the car brand by examining the vehicles, says Mr. Bricker. (The cars can’t be purchased there; legally, one must buy from a dealer.)....The strategy of providing a total experience is also spreading to independent retailers that aren’t aiming solely at high-end customers......These shifts are being followed by mass retailers as well. The idea: to move beyond the big-box strategy of the past—where companies built giant stores that people would go out of their way to visit—and build specially tailored stores in urban areas where customers live......Target recently decided to invest $7 billion in renovating its huge suburban stores and building new small-format urban stores, in a strategy to use the large stores as distribution centers for digital orders while creating a network of small city stores that will be located within easy reach of urban dwellers, both for offline shopping and picking up or returning online orders.

Brian Cornell, Target’s chief executive officer, says products will be selected for local populations by store managers who place orders from a catalog—less pet food and more snacks and notebooks for a store near a college campus, for instance.

Target looked at stores like Story in forming the strategy. “We learned a lot about agility,” from Story,
retailers  e-commerce  luxury  customer_experience  millennials  experiential_marketing  localization  merchandising  pop-ups  digital_natives  galleries  coffeehouses  brands  personal_connections  Target  agility  small_spaces  big-box  BOPIS  distribution_centres 
april 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
Retailer Edmond Creed helped put Toronto on fashion map - The Globe and Mail
JUDY STOFFMAN
Special to The Globe and Mail
Published Wednesday, Sep. 02, 2015
fashion  Toronto  luxury  retailers  obituaries 
september 2015 by jerryking
U.S. Retailers Learn to Speak Canadian - WSJ
By RITA TRICHUR
Dec. 3, 2014

High-profile stumbles are not lost on those still planning to enter. “We’ve been paying attention to every American retailer that moved into Canada,” said Ms. White of Nordstrom, which expects an approximate loss of $35 million in 2014 due to infrastructure and pre-opening costs.

After first announcing its intentions back in 2012, Nordstrom immediately called some its best Canadian customers. Hosting about 160 of those clients in Calgary, Ottawa, Vancouver and Toronto, the retailer treated them to hors d’oeuvres while seeking their feedback for a Canadian launch. “Bring us the full Nordstrom. Don’t bring us Nordstrom lite,” was the consistent message.
crossborder  luxury  mens'_clothing  retailers  Harry_Rosen  Nordstrom  localization  Saks  loyalty_management  pay_attention 
december 2014 by jerryking
Culinary Cult Objects: Worth the Price? - WSJ
By JOSH OZERSKY
Updated Aug. 28, 2014

what we're talking about here is consumption of a different order. Buying something fabulously expensive specifically to make it disappear is about as far as you can go in the Ultimates game, and that's precisely why some people will pay the cost. It's not merely the ham, or the bourbon, or the grill the Ultimate-buyer is acquiring. It's the knowledge, testified to by price and praise, that what you have is the best. For them, that knowledge is, if not priceless, something close to it.
luxury  cured_and_smoked  connoisseurship  consumption 
august 2014 by jerryking
Saks Fifth Avenue plans to up luxury factor in Canada - The Globe and Mail
MARINA STRAUSS - RETAILING REPORTER
TORONTO — The Globe and Mail
Published Tuesday, Jun. 17 2014,
luxury  Saks  HBC  Richard_Baker  Marina_Strauss  Mink_Mile 
august 2014 by jerryking
In Lagos, the 1% Takes Stock
By NINA BURLEIGH APRIL 25, 2014

A burgeoning wealthy class is settling into one of Africa’s fastest-growing cities, attracting designers, world-class architects and a growing creative community that seeks to preserve its culture through art and fashion.
Nigeria  Nigerians  African  luxury  high_net_worth  Lagos  frontier_markets  cosmopolitan  crony_capitalism  The_One_Percent  political_elites 
april 2014 by jerryking
Mall makeover: A new retail fight heats up - The Globe and Mail
TARA PERKINS AND MARINA STRAUSS Jan. 28 2014,

"I said to him, 'Look, you're missing an amazing opportunity,' " Mr. Sullivan recalls. "'We have a mall [the Eaton Centre] that has 50 million people a year walk through it. We are going to announce that we've got a Nordstrom deal shortly. And you have a great store at the other end, the Bay, which you've done a terrific job re-engineering. Why don't you think about putting a Saks in as part of that?....Dramatic changes in the retail landscape are providing a wake-up call for mall landlords, prompting them to replace tired retailers with new ones and leading Cadillac Fairview to launch a makeover of its Eaton Centre. There has been an influx of savvy foreign retailers, and every mall wants to be the first to attract the next big brand that migrates to Canada....."The ultimate goal is to have the right mix of anchors and small shops such that you maximize traffic, you maximize sales, and everyone wins."
Cadillac_Fairview  shopping_malls  HBC  Saks  Nordstrom  Marina_Strauss  retailers  product_launches  makeovers  anchor_tenants  store_within_a_store  luxury  landlords 
january 2014 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
The luxury hunter
February 28, 2013 | Fortune | By Ryan Bradley, senior editor @FortuneMagazine
hospitality  luxury  restaurants  hotels 
april 2013 by jerryking
A Hotel-Condo Revival - WSJ.com
February 5, 2013 | WSJ | By KRIS HUDSON.



"New York and South Beach are probably the two strongest hotel markets in the nation, and they are some of the strongest residential markets in the country," Mr. Sternlicht says. "You probably couldn't make this work anywhere else in the country today, and I don't think you should try."
hotels  real_estate  private_equity  Barry_Sternlicht  luxury 
february 2013 by jerryking
Birks’ CEO wraps jeweller in the Maple Leaf - The Globe and Mail
BERTRAND MAROTTE

MONTREAL — The Globe and Mail

Published Wednesday, Sep. 26 2012
Birks  jewellery  luxury  globalization  CEOs  national_identity  branding 
september 2012 by jerryking
How to become a plutocrat
Sept. 27 2012 | - The Globe and Mail | Chrystia Freeland.

Providing services to the plutocrats is one way to join them. But an even more powerful driver of 21st-century superstar economics is the way that globalization and technology have allowed some top-tier types to achieve global scale and earn the commensurate global fortunes. This is the effect that Sherwin Rosen, who invented the theory of the economics of superstars back in 1981, was most interested in, and it is both the most visible and the easiest to understand. These superstars are the direct beneficiaries of the twin gilded ages.
Chrystia_Freeland  high_net_worth  globalization  moguls  bespoke  luxury  craftsmanship  winner-take-all  plutocrats  superstars  increasing_returns_to_scale  21st._century  top-tier 
september 2012 by jerryking
Mr. Gates Queries His Peers - WSJ.com
November 9, 2007 | WSJ |ROBERT FRANK
Mr. Gates Queries His Peers
To Boost Giving, Foundation Backs Survey of Wealthiest
(1) The study, called The Joys and Dilemmas of Wealth and scheduled for release next fall,
(2) Paul Schervish, director of Boston College's Center on Wealth and Philanthropy.
(3) Wealth-management firms, luxury-product companies, magazines and car makers, as well as specialized research firms like Connecticut-based Prince & Associates and Chicago-based Spectrem Group, are all increasing their research to better understand the richest Americans.
(4) CCC Alliance, a Boston-based collective of families worth $100 million or more. It has also linked up with several philanthropy groups, such as the Wealth and Giving Forum.
billgates  high_net_worth  foundations  surveys  philanthropy  market_research  luxury  family_office 
august 2012 by jerryking
Ways to make excellence pay
October 17, 2007 | FT | By Alicia Clegg.

Bruce Hodgson, founder of Artichoke, a company that designs and makes bespoke fitted furniture for the very rich, has little ambition to be the biggest brand in his sector – but he would like to be the best. The same can be said of perfumer Linda Pilkington, creator of Ormonde Jayne, and Sean Dixon and Richard James, co-founders of Richard James, a Savile Row tailoring business whose turnover (something in “excess of £7m [$14.2m, €10m]”) is less stellar than its reputation and celebrity-gilded client base might suggest.

Serving the super-wealthy has never been the preserve of brands with super-sized sales. Quite the reverse. What the super-rich long for are not luxury labels but one-off, superbly crafted goods. Serving such customers allows talented artisans to work at the pinnacle of their craft. With this opportunity, however, comes a challenge: finding a business model that rewards exceptional skill.....The business model emboldening Mr Hodgson to raise his commercial sights grew from a partnership, in 1998, with the late David Telling, founder of the entrepreneurial business services company Mitie Group. Invited to pitch for a contract to make a boardroom table, Mr Hodgson produced a quote that Mr Telling dismissed as "too expensive". Something must have impressed him, however, as he personally invested £70,000 in Artichoke, donated land for a bigger workshop and became chairman.

Under Mr Telling'sstringent tutelage, Mr Hodgson swapped hand-to-mouth bookkeeping for management accounting. Artichoke learnt to break down the cost of complex projects and value work in pro-gress to a far higher degree of accuracy than most artisan businesses. Once certain of the numbers, Mr Hodgson developed a "contractually rigid approach" to payment. This gave him the confidence to tackle complicated proj-ects, in which deviations from the customer's original specifications can leave small contractors facing big losses.
artisan_hobbies_&_crafts  bespoke  brands  business_models  craftsmanship  furniture  high_net_worth  Savile_Row  mens'_clothing  fragrances  luxury  management_accounting  hand-to-mouth  one-of-a-kind  professionalization 
may 2012 by jerryking
Charity is a duty that bestows a 'high'
March 3, 2012 | G&M | By PAUL WALDIE.

The donor Shane Baghai
high_net_worth  philanthropy  luxury  Paul_Waldie 
march 2012 by jerryking
Bloomberg Pursuits Magazine Aims at Luxury Market - NYTimes.com
February 12, 2012, 5:27 pm
From Bloomberg, a New Luxury Magazine
By AMY CHOZICK
high_net_worth  magazines  luxury  Bloomberg 
february 2012 by jerryking
Harry Rosen readies itself for retail foreign invasion
Jan. 24, 2012 | Globe and Mail | Marina Strauss — RETAILING REPORTER.

Sensing profound change coming to the retail landscape, Larry Rosen called his senior executives to an urgent meeting at Canada’s premier high-end mens’ clothier. Luxury men’s sales were on a tear despite the shaky economy, but Harry Rosen Inc. still faced uncertainty. Savvy new foreign retailers were rapidly invading Canada, and upscale U.S. department-store powerhouse Nordstrom Inc. was mapping out its entry here...
At the meeting late last year, Mr. Rosen’s top team drew up its own battle plan, buttressed by an unprecedented $100-million war chest to expand most existing stores, add a few new ones and pump up e-commerce and staff training over five years. It envisions eventually making acquisitions, possibly even a risky move into women’s luxury fashions, although Harry Rosen ditched the segment more than two decades ago after a challenging run.
Harry_Rosen  retailers  apparel  luxury  preparation  Marina_Strauss  mens'_clothing  crossborder  microtargeting  Nordstrom  microtrends 
january 2012 by jerryking
Car Dealers Sing: 'Have Yourself a Merry Little Lexus' - WSJ.com
DECEMBER 21, 2011 | WSJ | By JOSEPH B. WHITE.

Car Dealers Sing: 'Have Yourself a Merry Little Lexus'
luxury  automobile  dealerships  Brian_Makse 
december 2011 by jerryking
Putting on the Ritz For the rich marketing to the wealthy With so many luxury projects, GTA marketers are going to extremes
May 8, 2010. pg. 1 | Toronto Star | Tony Wong.

"This is a great example of marketers fostering tribes, grouping together consumers who have a certain passion for something," says Jay Handelman, an associate professor of marketing at Queen's University in Kingston. "You're not just blatantly pitching a product, you're also providing an emotional connection to the product by selling them a lifestyle. It's about mind and emotion."
ProQuest  luxury  high_net_worth  Michael_Lee-Chin  event_marketing  Oakville  tribes 
december 2011 by jerryking
First class? Far too common - FT.com
August 19, 2011 10:07 pm
First class? Far too common
By Tom Robbins
high_net_worth  travel  luxury  United_Kingdom  airports  Heathrow 
august 2011 by jerryking
'Italy is stronger than bunga-bunga': Lunch with the FT:
Aspden, Peter; Sanderson, Rachel. Financial Times [London (UK)] 13 Aug 2011: 3.
Italy  Italian  luxury  ProQuest  Milan  Tod's 
august 2011 by jerryking
Luxury Real Estate: Private Islands in the Exuma Cays - WSJ.com
JULY 29, 2011

My Own Private Island
Wealthy buyers are flocking to a little-known archipelago in the
Bahamas, fueling an island building boom. Privacy comes at a price:
Owning a personal island means importing everything from water to
electricity.
By CANDACE JACKSON
high_net_worth  real_estate  luxury  Bahamas 
august 2011 by jerryking
How Can Jeans Cost $300 - WSJ.com
JULY 7, 2011

How Can Jeans Cost $300?
Shoppers Shell Out More for Designer Denim, Lured by Signature Details, 'Made in America'

By CHRISTINA BINKLEY
Like this columnist
blue_jeans  mens'_clothing  luxury  Christina_Binkley 
july 2011 by jerryking
Lunch with the FT - Lunch with the FT: François Pinault
April 8 2011 | Financial Times | By Jackie Wullschlager.
A self-made luxury goods magnate, Pinault is internationally acclaimed
for his cutting-edge art collection, consisting of 2,000 works, many
acquired directly from artists such as Damien Hirst and Jeff Koons. But
in France he has never shaken off a reputation as something of a
wide-boy who made his wealth through takeovers of ailing companies,
aided by political friendships; he is close to Jacques Chirac and
Nicolas Sarkozy. “French people ... look at Pinault as a pirate,” Le
Monde journalist Harry Bellet told Forbes Magazine, which last year
estimated Pinault’s fortune at $8.7bn – reportedly the third-largest in
France.
luxury  François_Pinault  collectors  art  PPR  self-made  moguls  French  Damien_Hirst 
april 2011 by jerryking
Anna Wintour's Brand Anna - WSJ.com
MARCH 23, 2011 | WSJ | By JOSHUA LEVINE. The editor of Vogue
has always occupied the most powerful seat in the world of American
fashion. But Anna Wintour's web of influential friends and allies has
helped turn her into a global brand that transcends fashion. Photographs
by Mario Testino
fashion  profile  personal_branding  Vogue  branding  PPR  luxury  LVMH  apparel 
march 2011 by jerryking
Resort Heads for Bankruptcy - WSJ.com
* MARCH 17, 2011
By MIKE SPECTOR and KRIS HUDSON
luxury  bankruptcies  hotels 
march 2011 by jerryking
Style Insider: Balenciaga Goes East - WSJ Magazine Daily - WSJ
May 28, 2010 | WSJ Magazine Daily | By Andrew Lutjens. Pop-up
fever has struck East Hampton with Balenciaga’s first seasonal store
ever. Located on Main Street, the 1,000-square-foot space will carry an
assortment of women’s accessories including handbags, shoes, sunglasses,
belts and jewelry. The store was developed by Artistic Director Nicolas
Ghesquière in collaboration with French artist Dominique
Gonzalez-Foerster and will carry on the look of other Balenciaga stores
with their “2001: A Space Odyssey” aesthetic.
kiosks  pop-ups  luxury  women  accessories 
january 2011 by jerryking
Luxury tea purveyor hopes to brew business in Canada
Nov. 25, 2010 | The Globe and Mail | Alexandra Seno. Idea
for Mark Orlach? Despite becoming a phenomenon at home in Singapore,
luxury tea purveyor TWG Tea is planning to enter Canada as part of
establishing a presence in North America. Taha Bouqdib, the company's
co-founder and president, says it’s “in search of the right partner to
boost expansion into the Canadian market.”

Seeing an opportunity for growth in upscale tea, Mr. Bouqdib, a former
top executive at Paris tea specialist Mariage Freres, and
Singapore-based entrepreneur Manoj Murjani, started TWG in 1997. The
company blends its teas in Asia, not far from the world-renowned
plantations that provide them the leaves. Personal relationships with
the suppliers ensure the first-pick with each harvest.
beverages  teas  luxury  Singapore  retailers  market_entry  personal_relationships 
december 2010 by jerryking
Chris Del Gatto's $200,000 Upgrade—For a Rental - WSJ.com
OCTOBER 1, 2010 | Wall Street Journal | By NANCY KEATES,
Appearances are important to Mr. Del Gatto's business model. At his
company's offices in cities like NYC, Hong Kong & Palm Beach,
clients head to plushly appointed private rooms to sell their jewels to
buyers—a different experience from the cash-for-gold pawnshop-type
experience or the high-commission public auctions that traditionally
dominated the secondhand jewelry market. ...Mr. Del Gatto didn't grow up
on Fifth Avenue. Born and raised on the Lower East Side, he skipped
college and became a licensed gemologist at 17, eventually becoming a
partner in a diamond manufacturing firm. Realizing there was no luxury
brand to which the public could sell their diamonds and jewelry, he
started buying and selling estate jewelry, attending auctions and
getting to know dealers from around the world. He launched the company,
Circa, named after the term used when describing origin, in 2001.
aesthetics  jewelers  jewellery  luxury  high_net_worth  pawnbrokers  second_hand 
october 2010 by jerryking
Citigroup Gets Burned in the Caribbean - WSJ.com
SEPTEMBER 1, 2010 | Wall Street Journal | By KRIS HUDSON And LINGLING WEI
Caribbean  Citigroup  real_estate  luxury  hospitality  hotels  Barry_Sternlicht 
september 2010 by jerryking
In New York, Prada Speaks Portuguese
August 5, 2010 | BusinessWeek | By Iuri Dantas and Fabiola Moura. Newly rich Brazilians flood Manhattan's toniest shops
Brazil  New_York_City  luxury 
august 2010 by jerryking
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