Survey reports-New York City lacks the Number One Retailer for Wealthy Shoppers
You might be surprised to learn that the Big Apple, the world's leading shopping district lacks the number one retailer for wealthy shoppers.
In an independent and objective survey completed by New York based Luxury Institute, reported that wealthy U.S. shoppers earning at least $150,000 a year rank Nordstrom highest among luxury retailers in the 2012 Luxury Consumer Experience Index.
Nordstrom earned the top overall score of 8.41 out of 10, followed by Neiman Marcus' Bergdorf Goodman subsidiary, and Barneys New York. It is also the most widely visited luxury retailer, with 36% of wealthy consumers reporting shopping at Nordstrom in the past 12 months.
New Yorker's and visitors from around the world will finally have a Nordstrom in 2018. Last month, Nordstrom announced it finalized an agreement with Extell Development to build the company's first full line store. The new 285,000 square foot flagship store will open at 225 West 57th Street, between Broadway and Seventh Avenue.
Wealthy customers rated seven of the largest luxury retail brands based on direct individual experiences with each company. These included (alphabetical order): Barney's, Bergdorf Goodman, Bloomingdale's, Brooks Brothers, Neiman Marcus, Nordstrom, and Saks Fifth Avenue
Only 7% of shoppers have visited Barneys, and 6% have shopped at Bergdorf Goodman, but exclusivity helps with pricing: 76% of Bergdorf's shoppers and 74% of Barneys' say that goods in those stores are worth a significant price premium; 65% say the same about Nordstrom's merchandise.
In addition to its top overall survey Seattle-based Nordstrom ranks first on two critical measures of customer loyalty: 96% of high-income shoppers plan to shop at Nordstrom again, and 94% recommend Nordstrom to family and close friends.
In another survey, the Luxury Institute reported that wealthy online shoppers rank Nordstrom as the most visited luxury retailer website, while Barneys, Bergdorf and Brooks Brother tie for the first place along with Net-a-Porter. Nordstrom has the most frequently visited site, with 23% of the respondents visiting Nordstrom.com in the past 12 months.
Wealthy shoppers considered a total of 16 retail sites:
- Barneys New York
- Bergdorf Goodman
- Brooks Brothers
- Lord & Taylor
- Neiman Marcus
- Saks Fifth Avenue
- eBay Fashion Vault
- Gilt Groupe
- Rue La La
Survey participants reported average income of $292,000 and average net worth of $3 million.