Furniture World Magazine 21 Sep, 2020 05:15 am

Macy's Plans for Bloomingdale's: Reclaiming Luxury Leadership

Retail Furniture News: Macy's Plans for Bloomingdale's: Reclaiming Luxury Leadership, For Bloomingdale’s, its prospects are good for picking up some of the customers and luxury business that Barney’s, Neiman Marcus, and Lord & Taylor have left on the table.

“Its price point variance is high enough to engage customers who aren’t embedded luxury consumers.“Back in the day, you had luxury consumers buying within a price point because price was value; high price became part of the value equation,” he says.That may be changing, as the last recession taught even true luxury consumers that good quality could be found at more affordable prices, but there is still a mindset that equates price with value, where a higher price means better quality.If one can afford it, and true luxury consumers can because their financial status is secure, why not pay for the best that money can buy?

Over the long term, Mirabile sees the new battleground for luxury consumers to be fought online.“The growth of direct-to-consumer engagement in the luxury space has been turbo-charged by the pandemic, and so have the luxury consumers’ comfort and trust levels with online shopping,” he says.

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