The global retail store is dead, claims BCG NEW YORK – New York and Milan were among the global cities ranked as “understored,” meaning that there there are too few stores to meet consumer demand, while Beijing, Bangkok and Chengdu, China were among the global cities ranked as “overstored” in a new report from the Boston Consulting Group. The “Shock of the New Chic: Dealing with New Complexity in the Business of Luxury” report asserts that consumer interests are fragmented along far too many lines for a brand to have identical stores in different locations. Also, the nomadic nature of luxury consumers forces brands to reassess the nature what each store should achieve. “If I had to simplify in one word, I would say complexity,” said Jean-Marc Bellaiche, BCG senior partner, New York. “We believe that the global store is dead. “Brands can be both more localized and globally very consistent,” he said. “Luxury players can offer some specific events or products in, for example, the New York City store versus their Shanghai store, while still being consistent with specific events/products that are fully aligned with the brand DNA.”BCG’s “Shock of the New Chic” report measures the current luxury status and growth potential of the world’s 550 richest cities as defined by GDP per capita and draws survey data from 10,000 core luxury consumers in 10 countries.
Posted on: Sun, 02 Feb 2014 06:31:42 +0000
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