After sustained growth of the US economy, the luxury retail market is experiencing a boon, indicates research firm CBRE. However, it’s not immune to the disruption the rest of the retail industry is experiencing. While the industry has been slower to embrace e-commerce, it has been at the forefront of consumer experience, offering innovative amenities to earn customer loyalty and drive traffic to stores.
The luxury retail market continues to consolidate, with a few key players owning a large number of high-end brands. While the brands stylistically operate independently, the acquisitions have been a growth driver as ownership is able to create a more efficient platform.
While luxury brands have been shy of e-commerce, they have innovated extensively with their in-store experience. With a keen focus on intuiting what their consumers want – from exclusive events to in-store food and beverage offerings – the luxury sector has been at the forefront of experiential retail, maximising dwell times and maintaining physical stores as the critical component of omnichannel operations.
There has been a return to the flagship store model, while brands continue to perfect their footprints. Many luxury brands are rolling out new signature stores or renovating existing ones, which is driving traffic and social media mentions.
Hospitality and convenience will play key roles as luxury brands build out their omnichannel platforms. Already experts in consumer experience expect luxury retailers to bring new levels of service to shopping across channels.
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