According to WWD, New York-based research firm Luxury Institute surveyed 1,200 people who earn at least $150,000 annually; these shoppers ranked Nordstrom as the most luxurious department store among other high-end retailers. Nordstrom received a score of 8.41 out of 10, while Barneys and Bergdorf Goodman both received scores of 8.23. This is surprising!
What does being the fanciest store mean? Luxury Institute CEO Milton Pedraza explained:
“Retailers, especially in luxury, are selling experiences to customers more than they are selling any particular good. In the case of a retailer like Nordstrom, we see that a program of continuous improvement in the customer experience can lead to higher degrees of loyalty and improved financial performance.”