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Wealthy Shoppers Rank Top Retailers

December 9, 2005

A survey from New York City-based Luxury Institute revealed that wealthy consumers named Neiman Marcus as the most prestigious high-end retailer out of seven top luxury brands. Nordstrom’s and Neiman Marcus tied for first place on delivering consistently superior quality, with Bergdorf Goodman coming in second place and Saks Fifth Avenue placing third. On delivering a truly unique, exclusive offering, Bergdorf Goodman edged Barney’s and Neiman Marcus. All three outperformed the competition as brands that “are used by people who are admired and respected.” When it comes to making the customer feel special, Bergdorf Goodman was named the best.
“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.
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