Bergdorf Goodman Rated Most Prestigious Luxury Retailer

Bergdorf Goodman Rated Most Prestigious Luxury Retailer
May 15, 2008

High net-worth consumers rated Bergdorf Goodman the most prestigious luxury retailer in the 2008 Luxury Brand Status Index (LBSI) survey from the New York-based Luxury Institute. 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. Respondents who would recommend Bergdorf Goodman commented on the "level of personalization in service and the quality of merchandise." Barneys New York and Neiman Marcus ranked second and third, respectively. "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, CEO of the Luxury Institute. "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." The survey asked respondents to rate the following seven luxury retailers: Barneys New York, Bergdorf Goodman, Bloomingdale's, Lord and Taylor, Neiman Marcus, Nordstrom and Saks Fifth Avenue.

Produced by: Nielsen Business Media, a part of the Nielsen Company
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