Luxury BoutiquesOpen AcrosstheU.S.

Luxury shops are increasing their presence across the country as wealth spreads into new areas,and beyond large metropolitan cities

High-net-worth buyers migrated to new U S locations during the pandemic,leading luxury brands to pop open fresh boutiques to meet the new opportunities Paris-based luxury juggernaut Kering,for example,plans to open more than 30 U S stores over the next couple of years It launched a Gucci store in Detroit in 2022,and plans more Gucci boutiques in St Louis and New Orleans,as well as a Saint Laurent store in Detroit,too,according to reports And Prada is opening new shops,mainly in Texas,Michigan,and Florida

?We are definitely seeing the luxury brands speak to growing their store base in America,?says Marie Driscoll,luxury retail analyst and managing director,luxury and retail,Coresight Research

Shops are going beyond flagship locations and opening new spaces where they can personalize offerings to the customer,she says

More time spent at home during the pandemic led brands to being able to see where new business was coming from,Kalbag says ?During the pandemic a very significant portion of luxury consumption shifted online,and what that allows manufacturers and retailers to do is to trace demand much more clearly,?he says

?If you want to drive growth,you have to think about other markets where luxury consumers exist,?Kalbag says

Also,one store opening easily leads to more stores opening When Hermès moved out of Bal Harbour,Florida,about a decade ago and moved into the Miami Design District shortly afterward,the design district was anointed,Pedraza says And many other top brands followed shortly afterward.?People are moving.So what are luxury brands doing? Following them,?he says

EthicalResponsibility& Sustainability

Significantly more affluent buyers care that the brands they buy are ethically responsible,and prefer a more sustainable,eco-friendly brand even if it costs more,according to Agility Research & Strategy?s TrendLens research

2022 of buyers that care that the brands they buy are ethically responsible of buyers that will choose a brand that costs more if it s eco- friendly and sustainable

2021 of buyers that care that the brands they buy are ethically responsible

66% 75% 61% 72% of buyers that will choose a brand that costs more if it's eco-friendly and sustainable

Source:AgilityResearch& Strategy