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Luxury Retail Consulting

Shoppers buying luxury retail goods have extremely high expectations for their retail experience. Clarkston’s luxury retail consulting practice helps companies address retail industry trends and challenges – but adapted for the needs of the luxury brand and experience.

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Industry Challenges

Our luxury retail consultants are ready to help your company face some of today’s most pressing challenges.

Building a Luxury Experience Online

Luxury retail has long focused on a personal, high-touch, exclusive experiences for shoppers. While executing this in-store is part of a luxury company’s DNA, matching this haute experience  online is a new challenge for most luxury retailers.

Increased Competition from Low Price Premium Brands

Long-standing legacies of luxury retailers no longer gaurantee the same status as younger people are moving towards lower-priced premium brands. With lower barriers to entry, the rise in DTC brands has increased competition for luxury retailers, even those with long-storied histories.

Meeting Customer Omnichannel Needs

Customer expectations on the flexibility of the retailer have skyrocked in recent years, led by mass market retailers. Luxury retailers now need to figure out which omnichannel customer journeys to invest in, while still staying true to the brand.

Shift in Buying Habits for Younger Generations

Over 75% of millennials would choose to spend money on experiences over “things”. Luxury retailers are challenged with marketing to these younger generations who are not willing to allocate as much of their budget to high-priced watches or apparel.

Industry Trends

Addressing retail trends like eCommerce, loyalty programs, strategic partnerships and omnichannel shopping is different for luxury retailers than other retail brands.

Investment in eCommerce

As the global retail industry continues to shift sales from brick and mortar to online, luxury is not immune to this trend. Projections show online sales could represent 25% of luxury retail sales by 2025, and luxury brands are investing to ensure they are not left behind as consumers look online to do their high-value shopping.

Embracing Loyalty Programs

While loyalty programs were previously questioned in luxury retail, it is now clear that a luxury brand can embrace a loyalty program without cheapening its reputation. Programs that focus more on exclusive benefits, such as products or experiences, rather than point-earning programs can feel more brand-centric for luxury brands looking to improve customer retention.

Strategic Partnerships

Luxury brands are reaching out to new partners in order to reach out to a broader, younger audience. Influencer partnerships as well as partnerships with smaller brands with a highly loyal customer base is leading to growth of stagnant product lines.

Evaluating Omnichannel

Mass market retail has made omnichannel offerings such as in-store or curbside pickup commonplace, and luxury retailers are now faced with how to approach these customer preferences while still maintaining brand image and the overall customer experience they are known for.

Contact Clarkston To Ask About Our Luxury Retail Consulting Practice

Contact Clarkston To Ask About Our Luxury Retail Consulting Practice

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