By Shenghao Li & Civia Reinman
is owned by the famously well-connected and well-married Miller sisters, daughters of American duty-free billionaire Robert W. Miller and his wife Maria Clara. Pia married oil heir Christopher Getty, Alexandra wed Prince Alexandre von Furstenberg, the only son of fashion designer Diane, and Marie-Chantal is married to Crown Prince Pavlos of Greece. Always on the best-dressed lists, the socialite sisters are the last word in what is chic and fashionable. Their image and the M brand are so well-defined, that when customers shop at their store, they feel confident that their purchase has the stamp of approval of the elegant owners. These customers travel, and can shop anywhere in the world, but choose to patronize M.
Ladies who lunch love to shop at M, a specialty store that carries luxury goods including; designer/couture sportswear, dresses, outerwear, intimate apparel, accessories, fine jewelry, and shoes. Not for the faint of finances, M is one of the world’s most prestigious retailers, and currently the status place to shop. It attracts a well-heeled, and celebrity clientele who feel very much at home in the rarefied atmosphere of the M stores. As noted by the Luxury Institute1, “Ultra-Wealthy Shoppers Spend More on Luxury Where They Maintain Personal Relationships; Pentamillionaires are more likely to be Close with specific sales professionals at Barneys, Bergdorf Goodman, and M.”
M’s caché can be attributed in part to the lavish customer service upscale shoppers have come to expect. The company offers extravagant special events, one-of-a-kind items, and especially attentive salespeople. Customers (who tend to be affluent women prepared to purchase the best at any price) are often known by name and their needs are fastidiously met.
Where: We locate our M stores at carefully selected venues in major metropolitan markets, with high per capita income levels.
**Important Alert: Please don’t run out and look for the nearest M, as it is does not exist other than as a figment of our imagination; M is a composite of Bergdorf Goodman, Neiman Marcus, and Barneys, and embellished by our own creativity. We chose to put our stores in locations that Neiman Marcus, Bergdorf Goodman, and Barneys are situated, as we have the same target customer.
Demographics: Our target customer is in the top 1% of the wealthiest Americans, who take home a minimum of over $250,000 in salary11. College educated. She or her spouse is most likely in finance, law, medicine, or management, and is politically active11. This woman is very social and attends many black tie events throughout the year; charity benefits, Galas, opening nights, as well as weddings and other social occasions. The M woman wants the latest in fashion, in the best taste and quality. She is not concerned with the cost.
We have 10 stores, with 2 distinct clusters:
• Cluster #1: Northeast; Madison Ave., Soho, White Plains, N.Y., Short Hills, N.J., Greenwich, Ct., Boston, Mass., Washington, D.C.
• Cluster #2: Florida; Palm Beach, Boca Raton, Bal Harbor, Naples, South Beach.
Cluster #1 Target customer demographics:
• Top 1% income.
• 25—45 year old Woman.
• Sophisticated, cosmopolitan, high fashion city woman.
• Smaller sizes (spends a lot of time at gym/personal trainer)
• Cooler climate.
• Large selling floor. Higher volume.
Cluster #2 Target customer demographics:
• Top 1% income.
• 35-55 year old woman.
• Snow Birds. Resort atmosphere.
• Older/ Retirees.
• Sizes somewhat larger than northeast customer.
• Warmer Climate.
• Smaller selling space. Less volume than Northeastern doors.
Department: Designer Evening wear.
Price Range: $2,000[pic]$12,000. Prices average between...