Monique Lhuillier’s Post

Luxury retailers are spending big on larger spaces, enhanced amenities, and new locations. Luxury retailers have leased 650,000 square feet of new space in the U.S. over the past 12 months, up from roughly 250,000 square feet the prior year, according to JLL. Retail sales of luxury goods in the U.S. are expected to total $75.68 billion this year, which is a nearly 9% increase from last year’s $69.51 billion. Luxury stores are growing in size -- retailers signed leases for space averaging 5,000 square feet or larger over the past year, which represents a 28% increase from the previous 12 months. High-end brands are spending big to add hospitality components such as cafes and bars in a push to make their locations more compelling and entertaining. Luxury retailers are also expanding beyond the traditional high-end retail corridors such as Michigan Avenue in Chicago and Rodeo Drive in Beverly Hills. They have been following their customers and opening stores in cities and states where the population has boomed in recent years, including Austin and Nashville.

How important is Branded Color? Quick answer....very important. Think of how many brands are identified by their Brand color and name. Some, like Tiffany & Co don't even need their name in some of their branding. Their color says it all.

Good News For Luxury Retail‼️ 560 Fifth Ave (corner of W46th St) a 13,580sf boutique building with 24,500sf of air rights & 125’ of frontage on 5th Ave, was just sold by the #RieseOrg to the Japanese Coffee Company #Geshary for $38M (listed for $45M) This sale marks the first change in ownership in 50 years and the priciest for an entire 5th Ave retail since the start of the pandemic. It has been leased to #Oakley Sunglasses, for the past 10 years & that lease expires in March of 2024. This sale, further signals that luxury storefronts are in the spotlight, Geshary joins other brands on the Avenue like #Rolex, #LouisVuitton & #TiffanyCo who have been undergoing extensive renovations to their storefronts & others, like #Chanel whose flagship, previously on 57th St, is opening soon directly on 5th for the first time! https://lnkd.in/egrGbZna #douglasellimanrealestate #retailnews #luxuryretail

Bal Harbour Shops "is bringing the pop-up to markets where there are prospective customers, high-net-worth individuals who have no easy access to luxury." Really interesting insights from ICSC on the world of #popup shops - this time for #luxury goods. Could pop up shops to capitalize on gaps be the answer for retailers? 🤔 #shop #retailers #CRE #ICSC

NEW BLOG POST: Versace is coming to Palm Beach! Check out what we know about this transaction in the link below 🔗 #CRE #SouthFL #PalmBeach #palmbeachcounty #commercialrealestate #retailrealestate #Retail #Tenant #Landlord #floridarealestate https://lnkd.in/eRPzvKg3

Coast To Coast

Can you pick up and move your flagship store after 37 years? Toronto-based luxury menswear retailer Harry Rosen is doing just that! According to this insightful Retail Insider article by Craig Patterson, there were a few reasons that prompted the move: ➡️ The lease on its current location (82 Bloor) is ending and the site is earmarked for redevelopment; ➡️ Harry Rosen President and COO Ian Rosen said an analysis of traffic patterns revealed more consumers shopping in Yorkville as opposed to years past when Bloor Street dominated retail in the area; ➡️ The residential tower above the new location features some of the city's most expensive condominium apartments, which means the owners can likely afford to be regular Harry Rosen shoppers. Okay, that last one wasn't a specific reason cited for the move... ... it's just a bonus! Interestingly, the new location will be significantly smaller: 38,000 square feet over three levels, compared to 50,000 square feet at its current site. Less space could make sense given how expensive rent is in the area... ... but will a smaller store mean less of an experience? Unlikely. Since the company's very beginning, Harry Rosen has always been about delivering exceptional (and exceptionally personalized) customer experiences and there's no reason to think a smaller store will change that. Of course, a smaller store that can deliver the same great experience needs: ➡️ a more focused product selection; ➡️ an efficient store layout; ➡️ an efficient inventory management system, balancing the realities of less space to hold products waiting to be sold with the need to have enough product on hand to avoid disappointing shoppers with out-of-stocks. That's not easy to achieve... but it's certainly possible!* Who else is excited to see this new store come to life? * If you need help achieving all this, send us a message -- it's what we do! #brickandmortar #luxury #retail #flagship #customerexperience

LUXURY BRANDS ROLLING REAL ESTATE DICE. IS THIS A SMART PLAY OR TOO RISKY IN NYC? “The rents that the luxury retailers were paying on Fifth and in other prime locations were simply astronomical,” said Eric Menkes, co-chair of leasing for the New York-based law firm Adler & Stachenfeld. “There comes a point in time when these retailers looked in the mirror and said, ‘Why am I making my landlord rich?’” Luxury retailers are spending big on real estate in the world’s most expensive and exclusive shopping corridors. According to The Wall Street Journal: - In New York City, Prada recently agreed to buy the building that houses its Fifth Avenue store as well as the building next door for more than $800 million. - Gucci’s parent company, Kering, is also paying nearly $1 billion for a 115,000-square-foot retail space a few blocks south. - Luxury behemoth LVMH Moët Hennessy Louis Vuitton, meanwhile, is in discussions to purchase the Fifth Avenue retail space occupied by Bergdorf Goodman’s men’s store, according to a person familiar with the matter. This activity follows a flurry of purchases in Europe, where high-end retailers have snapped up real estate on high streets including Avenue Montaigne in Paris and London’s New Bond Street in recent years. Luxury’s real-estate shopping spree shows that retailers are using their considerable cash to free themselves from the control of landlords and plant their flags on streets where they want a long-term presence. https://lnkd.in/eAjkairT

Exciting Future Unfolding at Southdale Center! America's first mall is undergoing a revolutionary transformation. As reported in the Wall Street Journal over the weekend, Simon is turning Southdale Center in suburban Minneapolis into the epitome of the “mall of the future”. Over the last decade, Simon has been reshaping Southdale, introducing a diverse array of amenities beyond traditional shopping. Luxury apartments, a hotel, a Life Time resort-style fitness club and modern co-working space and RH Gallery & Restaurant are just the beginning. Building on the progressive, upscale transformation, the first group of luxury retailers was revealed and includes four high-profile newcomers to the Minneapolis/St. Paul market – Gucci, one of the world’s leading luxury brands; Moncler, a brand focused on new luxury with its origins in sports clothing; Max Mara, the forerunner of modern ready-to-wear women’s clothing; and globally renowned watchmaker Breitling. Also announced were British luxury icon Burberry, luxury watch stalwart Watches of Switzerland/Rolex, Coach, kate spade new york, and Tory Burch, joining Kowalski’s Market and upscale mini-golf concept, Puttshack, who are slated to open later this year. Read the full story here: https://on.wsj.com/4abMYah #Simon #RetailNews #Retail #Future #Realestate