by Jack Stratten from Insider Trends
Luxury retail continues to evolve and meet the changing needs of consumers.
Many customers are now prioritising quality over quantity, particularly in personal luxury goods, with Bain & Company predicting growth in the market from between 3-8%. The secondary luxury market is also gaining in popularity, with IMARC predicting growth at 9.1% for 2023-2028.
Luxury stores are also recognising that they cannot simply rely on their brand name alone, particularly for a younger audience. Customers are looking for more from their retail experience, with brands adding galleries, eateries, events, digital experiences, art installations and more to their physical stores.
So which stores are showing the rest how it should be done? Read on for inspiration from our top luxury retail picks for 2023 (in no particular order).
In Seoul’s fashion district, Cheongdam, Bentley has launched its latest design concept, Bentley Cube. The launch of this lifestyle space was celebrated with an exclusive collection of Bentley Continental GT models from Mulliner.
Additionally, artist Ha Tae Im has created a series of unique artworks for each car in the collection. Clients can commission a bespoke version of the Mulliner Bentley Batur at the Batur Studio Suite, and afterward relax at the Azure Lounge.
Customers who are after the perfect in-car sound can visit the Sound Playground, in association with Bentley’s long-term audio collaborator Naim, for luxury audio equipment.
The Louis Vuitton store in Ginza Namiki has a very distinctive design, with glass panels made to resemble rippling water, reflecting all the buildings around it.
The water theme continues inside the store, with floating jellyfish and aquarium lighting, and curved wood and glass adding to the natural aesthetic. Visitors can purchase ready-to-wear clothing, fragrances, and personalised items, and also relax in the café, where they can buy LV monogrammed lattes. Exclusive clients can access a private lounge.
Instead of a luxury store, how about an entire village!
Anya Hindmarch has launched an ambitious retail concept featuring six Anya Hindmarch stores in one London location, capturing British nostalgia and local village life.
The Village includes vintage eatery The Anya Café, rotating concept space The Village Hall, The Collection Shop for a curated edit of the brand’s main collection, organisational tips and tricks in The Labelled Shop, and personalised products in The Bespoke Shop.
The newest addition to The Village is the World’s Smallest Department Store, which focuses on service and carefully selected pieces.
The latest luxury flagship from Dolce & Gabbana is a dramatic glass building encased between four black pillars in Cheongdam-dong. Prospective customers walking by are able to view the collections on each floor from outside.
The inside of the store takes customers on a journey, encouraging them to move between each floor of the store via a spiral staircase. The design is elegant and sophisticated, with gloss, glass, concrete and touches of wood. Products sitting at a variety of heights, allowing shoppers to follow the spiral.
The final area to discover is a relaxing terrace on the roof, for customers to engage in conversation around a counter.
Browns opened a new flagship in Mayfair, combining its past and the future, with retro designs and Farfetch technology incorporated throughout.
The new immersive experience allows customers a seamless journey through the store, where they can find out if items from their wish list are available, use QR codes to access more products, and book appointments and pay for their purchases. The store can also use this data to personalise its customer service, allowing sales staff to access past purchases to help customers find suitable items.
The space also includes a sustainable restaurant and private courtyard for dining, called Native At Browns, Thrift+ For Browns where customers can donate luxury items, and the Immersive Room, a space for rotating pop-ups and events.
A pop-up store at a permanent location is the theme for the Ralph Lauren store in Ginza, Tokyo. The brand says this will allow it to update the store monthly, keeping its offering fresh.
The store features a staircase of history, with a timeline of events and photos of Ralph Lauren. There is also a Create Your Own Area for personalising items, including limited edition Ginza designs.
The store features a product many fashion houses are including in their spaces – a coffee shop, called Ralph’s Coffee. Customers can sit with their coffee in the café, or go out into the garden, which will also be used for events.
Burberry has opened its flagship in the iconic Plaza 66 in Shanghai, using architect Vincenzo De Cotiis to design the space. It is a meeting of the functional and the luxurious, with concrete fixtures, and the brand’s signature check print throughout.
A mirrored ceiling increases the feeling of light in the space, keeping it airy and modern. The site is also carbon neutral and uses electricity from renewable sources.
Italian footwear brand Salvatore Ferragamo opened a new concept store in New York, during the NFT.NYC web3 conference. The launch marked a shift towards web3 and incorporating digital and experiential elements in the store.
The space has an NFT booth to help create the brand’s first NFT collection. The customer chooses artwork from digital artist Shxpir, and then after their photo is taken, the completed artwork can be minted on the blockchain Ethereum.
A personalisation option for customising footwear is also available, but with another digital twist. Holographic projections will allow the customer to see the designed products before they are sent off to be made.
Luxury brand Gucci has entered into the luxury hospitality market in a collaboration with The Savoy hotel in London. The Royal Suite by Gucci is on the fifth floor of The Savoy and is decorated with items from Gucci, including opulent chairs and a four-poster bed.
Guests have access to a Savoy butler as well as Gucci gifts, champagne and Italian aperitifs. The space also includes a number of experiential digital elements, including VR headsets to watch Gucci shows, a projection that transforms the dining table into a forest, and QR codes to learn more about the fine art throughout the room.
Established in 1750, UK luxury brand Swaine is looking to rebrand itself with the launch of a new flagship on London’s New Bond Street.
The design of the space aims to highlight the brand’s long heritage with an in-store museum, as well as the qualities of its full product offering. This includes Swaine brands Brigg umbrellas and Herbert Johnson hats.
A room dedicated to Brigg’s umbrellas is particularly effective thanks to a feature ceiling which evokes rain falling.
Customers can access bespoke services and book private appointments in the space. Notably, workshops for Herbert Johnson hats and Swaine’s leather items are above the store, shortening the distance between maker and customer.