Westfield Grand Prix’s Post

🚀 Thrilled to share my contribution to the latest article on FashionUnited about the challenges and triumphs of maintaining concept stores in Spain. In the piece, I discuss how concept stores like Dover Street Market and Merci have become tourist destinations due to their unique curations. As I mentioned, "In a globalized market, it's increasingly difficult to surprise people. This exclusivity requires higher margins to sustain the business model." Check out the full article for insights into the evolving retail landscape: Read Here: https://lnkd.in/dz7ZH9u6 #Retail #ConceptStore #LuxuryBrands #BusinessStrategy #FashionUnited

Post-pandemic, New York City's retail sector, especially in luxury and fashion, has seen a significant revival. Reduced rents and flexible leasing terms led to a surge in demand for prime retail spaces. Notable movements include Dolce & Gabbana leasing the former Hermès store on Madison Avenue, and Prada acquiring a building from Jeff Sutton for $835 million. Sutton also sold a Madison Avenue space to the Dyson family for $135 million. Brands like Zara, Mango, Lululemon, Arc’teryx, and Vans are actively seeking locations in the city. #NYCRetailRevival #LuxuryFashionBoom #MadisonAvenueDeals #PostPandemicShopping #RetailRealEstate #FashionFrontsNYC #DolceGabbanaMadisonAve #PradaNYCAcquisition #JeffSuttonRealEstate #VersaceNewLocation #TrendyBrandsNYC https://lnkd.in/eeXduNeP

A little about what we're up to at LXSC... Luxury fashion retail thrives on providing exceptional customer service and unique shopping experiences. Beyond transaction, luxury retail is emotional, it embodies a personalised, attentive approach that anticipates and exceeds the expectations of discerning clients, with knowledgeable staff who know their customer, share the brand's heritage, craftsmanship, and latest pieces. Services such as private shopping appointments, bespoke tailoring, and VIP access to limited-edition pieces enhance the shopping journey, creating memorable and distinctive experiences. BUT people are busy, how often do they have the opportunity to shop in-store and experience that exceptional level of service, with one, let alone multiple luxury brands? Multi-brand luxury eCommerce would seem to provide an answer but we've seen the incredible challenges and tumultuous changes the sector has experienced over recent months. This is the space that LXSC is exploring, reimagining multi-brand luxury eCommerce. Providing the convenience of a digital service with the one to one service of a personal shopper who knows you and your lifestyle, your wardrobe requirements, provides access to luxury brands, the latest collections and releases, can source rare and sold out pieces and take care of your gifting requirements. We believe this also presents a new type of retail opportunity for luxury brands, a new, refined and controllable acquisition channel. With our combined backgrounds in luxury fashion and rare fashion collectables, we know this is an exciting space to explore, join us as we share the journey... #luxury #retail

Elevate retail spaces with the infusion of luxury and glamor! Reflect substantiality, fashion, lifestyle and modernity in retail ambit that curates an entirely different customer experience! #FTV #FTVRealEstate #FTVMalls #Business #Realty #BrandLicensing #Luxury #Opportunity #BrandValue #Development #License #Realtor

Middlemen in luxury fashion, are facing challenges due to shifting consumer habits favoring direct brand interactions. Since the pandemic, luxury companies increasingly adopted digital solutions to engage and be in touch with their customers. At the same time, to be able to continue to sell during store closures, more and more fashion houses started to invest in direct to consumer and e-commerce solutions to give customers direct access to products, strengthening customers’ loyalty. With this move, fashion houses expanded their potential audience beyond physical stores. Nowadays more and more brands are choosing to invest in direct-to-consumer solutions in order to offer a truly compelling omnichannel experience (with a full range of digital services) to their customers controlling their image and experience. Moreover, fashion brands are strengthening their collaborations with second-hand/pre-owned credited platforms in order to offer customers the chance to buy pre-owned certified goods, to increase circularity practices. These choices are inevitably reducing the relevance and need of “middlemen” for luxury brands as consumers can go directly to the brand to buy digitally. Changes in consumer behavior, competition, pressure on margins, and inventory management issues are contributing to their struggles. These factors are leading to distress Middlemen sales and oblige them rethinking of their business models.

‘This is natural evolution’: Saks and Neiman Marcus on the state of luxury. As a new year starts, Geoffroy van Raemdonck and Marc Metrick share thoughts on luxury e-commerce, when the market might recover and how the consumer is doing. https://lnkd.in/eB3Ctdba #tradeguard #receivableputoptions #arputs #receivableputs #tradereceivables #accountsreceivables

💎 The Next Frontier for Luxury Brands 💎 We've seen how global luxury corporations like LVMH and Kering slowly cottoned on to the fact that they no longer needed luxury e-commerce players to sell their products, whilst the retailer retained the customer. First came eConcessions, a nail in the coffin for some online luxury retailers, and and a big challenge for those still going. Brands are choosing to invest in owned online ecosystems where they have total brand control and can acquire a high-quality customer that they can build loyalty with directly. Customer acquisition with no middle man. Now, those same luxury giants seem to be onto something else - and it's not just about control of e-commerce anymore. With the non-e-comm luxury retail market projected to hit $96.18 billion in the US this year alone, it's clear that curating unforgettable physical experiences is the new battleground for brands and retailers. So here's the billion-dollar question(s): ❓Can department stores compete with and differentiate from mono-brand experiences? ❓Do luxury brands still need retailers? ❓Do luxury customers still need retailers? I'm interested to see how the luxury brand-retailer landscape will evolve over the next couple of years, and I predict a bit of a shake-up! https://lnkd.in/e-uy53yf

I wrote a piece about what we're up to at LXSC, the recent challenges in multi-brand luxury retail and why we think there's space to explore a new approach. #luxury #retail

#Retail Trend to Watch: #Luxury retailers are spending big $ on real estate in the world’s most expensive and exclusive shopping corridors. More on the trend here, including CBRE's Andrew Goldberg insight via The Wall Street Journal : #CBREretail #retailrealestate

From Macro to Micro: The Ripple Effects of the Saks-Neiman Marcus Merger 💡 As a brand strategist, technologist, and President of the Chicago Fashion Coalition, my perspective will focus on how this merger represents broader shifts in the retail landscape and what it means for both national and local markets. My Key Takeaways: ➡️Merger Impact: The $2.65 billion merger between Saks Fifth Avenue and Neiman Marcus, backed by Amazon and Salesforce, aims to revitalize the department store model through technology and scale. ➡️Retail Transformation: Nationally and globally, the merger sets a precedent for integrating online and offline retail experiences, driven by data analytics and AI to meet consumer demands for personalization and convenience. ➡️Local Strategies: Locally, the merger presents both, opportunities and challenges for retailers in Chicago, emphasizing the need for unique experiences, technology adoption, and a balanced approach to online and offline retail channels. Take a Deeper Dive 🔑 Post-COVID market shifts indicate that consumers prioritize convenience and low costs, as evidenced by the popularity of platforms like Amazon Prime, Shein, and Temu. With a struggling economy, discretionary spending on non-essential items like fashion has decreased. To counter this trend, retailers must focus on providing experiential shopping experiences that entice customers to leave their homes. Chicago boutiques like Congruent Space excel by combining art, fashion, and interactive events, making shopping a unique experience. The strategic integration of scale and technology is crucial for revitalizing the department store model. Retailers must utilize trend forecasting, social listening, and AI tools for sentiment analysis to make informed buying decisions and optimize customer engagement. Balancing online and offline retail channels is essential for future success, as relying solely on e-commerce or physical stores presents significant trade-offs. A diversified approach to revenue generation will be key to thriving in the evolving retail landscape. Join the Conversation 🗣️ What are your thoughts on… How will the Saks and Neiman Marcus merger affect the retail industry? What are the benefits of retail mergers? How can local retailers compete with large department stores? #RetailRevolution #LuxuryMarket #AmazonInvests #Saks #NeimanMarcus #FashionIndustry #RetailInnovation #SupplyChain #TechnologyInRetail #Ecommerce #BusinessStrategy #LuxuryStores