Find in the news:
BY COUNTRY

Here’s How Barneys Is Responding To Luxury Retail Slowdown



In its simplest form, retail cycles can be traced directly back to the economy.
When things are booming, price becomes less of an issue for consumers. When things aren’t going so well, consumers look for corners to cut. While things are improving on the economic front, the reminders of the last downturn seem to be sticking around. Being cost conscious is not just a passing fad for many consumers. That’s a great thing for discount retailers, but it leads to challenges for those in the luxury sector. 

CEO Daniella Vitale

As Fortune shares, Barneys New York falls into that category. The iconic luxury retailer is not exactly the kind of place that will attract bargain hunters. CEO Daniella Vitale notes that’s a challenge, but that won’t leed the company down the discount path.  

"It's a really hard thing to fight," she says, later adding that "you cannot do it well and it is absolutely not sustainable."

Quite simply, quality is quality, and items that can’t easily be replicated continue to come with a hefty price tag. Those in the market for that kind of goods know exactly what they’re looking for, and that limits the desire to haggle over prices. 

"If it's exclusive and rare and doesn't exist anywhere else, we are not forced to mark it down," Vitale adds. 

Barneys has been gaining traction in the online world as well, and the company notes that more than 20% of its sales come from online transactions. Vitale has brought on former Facebook executive Martin Gilliard to serve as chief information officer, and the company is striving to learn all that it can from its treasure trove of data. 

"We don't use it to help us drive business, or acquire customers or reward customers and that needs to be a big part of what we're going to be doing," Vitale continued. "Ultimately that is how we're going to understand our consumer."

As for the luxury market as a whole, Vitale acknowledges that the forecast is less than sunny, but Barneys has been able to weather the storm. She notes that the company enjoyed a solid first half of 2017, and she expects the second half to produce even better results for the iconic retailer.   

"It's definitely a complicated moment. There is no one thing to pin it on," she said. "That's always a hard thing to manage to."

More about shopping malls in the USA



TODAY, India:
Flagship stores at the mall include Diesel, Replay, Hugo Boss, Emporio Armani, and Paul Smith.
TODAY, USA:
Camp continues to experiment with the format by opening new retail stores in the U.S.
Oct 18, 2021, USA:
More than 100 stores will open by the end of 2021, including a new experimental concept.
Oct 16, 2021, USA:
The center is scheduled to open in the first quarter of next 2021.
Oct 16, 2021, USA:
The deal was one of the largest ever in the private apparel segment.
Oct 14, 2021, USA:
U.S. company Macerich is changing the rules for short-term rentals.
Friend
and Follow
Cabot Circus GLA:990 280 SF
ADDRESS: Glass House, Bristol BS1 3BX
United Kingdom . Bristol
Cabot Circus
Mall of Qatar GLA:1 743 753 SF
Qatar . Doha
Mall of Qatar
Aviapark GLA:2 475 699 SF
ADDRESS: ul. Aviakonstruktora Mikoyana, 10
Russia . Moscow region
Aviapark
Forum Istanbul GLA:1 883 684 SF
ADDRESS: Kocatepe Mahallesi, Pasa Caddesi 34045 Bayrampasa
Turkey . Istanbul
Forum Istanbul


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us