Face stores reinvent themselves to offer experiences

If you wanted a monogram in a Louis Vuitton bag or Gucci flashtrek leather shoes, I went to the most expensive departments stores.

You no longer need to do it.

Now there are many more options to get exclusive articles.You can buy them on the Internet.Or acquire barely used products than new.You can even rent a costume.

"The consumer rules.And you can buy luxury brands at different places, ”says Steve Sadove, former CEO and president of Saks Fifth Avenue, today Mastercard Advisor.

The new services have deeply altered the luxury store item by offering different ways of accessing what was almost impossible to achieve.And the stores by faces, which were the obligatory fate of the rich buyers, have had to reinvent themselves.Now they also offer food and drinks to try to retain what their exclusive clientele knew how to be.

In the United States, for example, Nordstrom's main place offers women Champagne and snacks while trying shoes.Neiman Marcus recognizes the popularity of second -hand items and is opening premises where people can sell their brand items as part of an agreement with Fashionphile, the Accessory Recenta Portal.Saks Fifth Avenue is renewing his Manhattan store and reserving his main floor for wallets.In addition to traditional sellers, there will also be 50 specialists who will advise the client on style matters.

Brands like Gucci and Louis Vuitton, meanwhile, are opening more stores and expanding their online operations.Robert Burke, luxury product advisor, says they try to control their future while watching their products are sold at reduced prices in other resale sites.

In a sense, expensive stores are the same as any other small business that must now compete with Internet sales.But they are no longer as exclusive as when the rich had no choice but to go to them to acquire luxury items.And they have a hard time attracting the 20 -year -old sector that has the means to buy expensive things but prefers to pay as little as possible.

Los millennials y la generación Z representaron el 47% de los consumidores de productos caros en Estados Unidos en el 2018 y el 33% de ese mercado a nivel mundial, según un estudio de la consultora Bain & Co.

In general terms, the world market for luxury personal products is healthy, driven by a solid economy and the Chinese sumptuous goods market.The sector generated 286.530 million dollars in 2018, which represents an increase of 6% compared to the previous year, according to Bain.Jewelry in particular was one of the fastest growing categories.

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Buyers like Sabina Gill represent a special challenge for faces.

This 42 -year bank executive of Manhattan says that he spends more and more on jewels, but while before he bought mostly in stores such as Saks and Bergdorf Goodman, now he does it especially in portals like The Realreal or Netporter.If you buy in Saks, you usually do it through your Internet portal.

"Electronic purchases give you more options than a store," says Gill.

The emergence of new options has harmed stores like Neiman Marcus and Nordstrom.Sales in Neiman Marcus stores that have been open at least one year in the third quarter of the current fiscal year because they were forced to offer many discounts.That fall came after six quarters followed with increases in sales.The store has not released its sales figures since then.

Nordstrom's net sales fell 4.1%, while Nordstrom Rack, which offers cheaper products, had a 1.2% increase in the quarter that concluded on November 2.

Neiman Marcus decided to buy shares at Fashionphile this year after their own studies reveal that half of their customers buy or sell used luxury items.Neiman's CEO Marcus Geoffroy Van Raemdock said that in the past the market articles market focused on the product;Now he does it in the services he offers.

Nordstrom stores receive returns from rent the runway in the framework of an agreement with that company that rent clothing for special occasions.His new New York store has seven sites to eat or drink, more than any other Nordstrom store.

"Obviously, going shopping now involves a more comprehensive experience," said Jamie Nordstrom, president of the store of stores and biznieto of the company's founder."It is not enough to acquire everything from the list.They want new, unexpected things.I think the big stores handle that well ”.

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