“Luxury retailers are the conduits to the top luxury labels, yet they must continuously strive to boost their prestige and identify in the minds of consumers,” commented Milton Pedraza, chief executive officer of Luxury Institute. “We asked customers, the wealthy, to measure each brand on superior quality, uniqueness, a measure of social status and the ability of each retailer to make customers feel special throughout the entire customer experience.”
Luxury Institute surveyed a nationally representative sample of more than 200 households with a minimum gross annual income of $200,000 and a minimum net worth of $750,000. The brands were selected by individual interviews with wealthy consumers and using the advertising expenditure rankings in luxury print media to determine the most relevant brands.
The seven luxury retailers rated were Barney’s, Bergdorf Goodman, Bloomingdale’s, Brooks Brothers, Neiman Marcus, Nordstrom’s and Saks Fifth Avenue. Macy’s was also rated to measure the rating distances between luxury and mainstream brands.