Luxury Institute News

August 6, 2012

As Nordstrom’s arrival looms, rival stores sharpen up

By Marina Strauss
The Globe and Mail
August 5, 2012

Erik Nordstrom likes to boast about his employees going the extra mile at the upscale U.S. retailer that bears his name.

Recently, the great-grandson of the founder of Nordstrom Inc. told the story of a maintenance staff worker who discovered a Nordstrom shopping bag filled with $800 worth of goods in the parking lot of a Farmington, Conn., store.

Flight information in the package helped the employee identify the customer, whom he dialled three times.

She failed to pick up because, she said later, she didn’t recognize the number on her mobile’s call display. Realizing her flight was leaving soon, he drove 200 kilometres – two hours – to John F. Kennedy Airport in New York, and after having her paged at the airport, triumphantly handed her the bag.

She offered him money for gas, but he refused.

“We don’t nail it all the time, by any means, but we’re fortunate to have some really terrific people in this company who care a lot … about their customers,” Mr. Nordstrom, the company’s president of stores, told the retailer’s annual meeting in May.

Click the link to read the entire article: http://www.theglobeandmail.com/report-on-business/as-nordstroms-arrival-looms-rival-stores-sharpen-up/article4464192/

February 13, 2012

For the wealthy, the experience is what’s important

By Abha Bhattarai
Washington Post
February 12, 2012

Want yellow seat belts in your Porsche? Or green thread for your car’s leather seats?

Join the waiting list, says Kevin Gallagher of Porsche of Rockville.

“We’re finding that people want to sit down and custom order everything — the colors, the interiors, the wood paneling,” Gallagher said. “Fewer and fewer customers are walking in and saying, ‘Yeah, I’ll take that one as-is.’”

As the economy sputters back from a deep downturn, analysts and business owners say the region’s wealthy are spending as much as they always have. High-end customers may be toning down flashy purchases, but they are increasingly looking for customized experiences and exclusive treatment — and local businesses are adapting to meet those needs.

Click the link to read the entire article which includes a quote from Milton Pedraza, CEO of Luxury Institute: http://www.washingtonpost.com/business/capitalbusiness/for-the-wealthy-the-experience-is-whats-important/2012/02/07/gIQAjvkR9Q_story.html