Respondents who would recommend Bergdorf Goodman comment on the “level of personalization in service and the quality of merchandise.” Barney’s and Neiman Marcus ranked second and third, respectively. Barney’s has been climbing the chart since last year.
“Perhaps it is no accident that all the large luxury retailers that top the list are now owned by private equity groups,” said Milton Pedraza, Luxury Institute chief executive officer. “Analysts are always asking whether private equity is good for luxury. The answer in terms of luxury retailing is a resounding ‘yes.’ We find that private equity investors think like owners and care deeply about customer experience metrics, often more than their public company counterparts. The exception is Nordstrom, a public firm driven by a family that lives and breathes integrity, and hires people to match its values. Nothing focuses the mind like clear and constructive customer feedback. Our impartial surveys bring together the quantitative and qualitative voice of high net-worth consumers to 21st century luxury executives who believe in delivering extraordinary customer experiences.”
Following are the seven luxury retailers that were rated (alphabetical order):
2. Bergdorf Goodman
4. Lord and Taylor
5. Neiman Marcus
7. Saks Fifth Avenue
The Luxury Brand Status Index survey measures the prestige of leading brands among wealthy Americans. A national sample of 1,642 wealthy American consumers, with an average income of $349,000 and average net-worth of $3.7 million, was surveyed online. Survey results are weighted to match demographic and net worth profiles of the same audience according to the latest Survey of Consumer Finances from the Federal Reserve.