Saks Fifth Avenue president Marc Metrick describes the evolution of high-end retail since he joined the industry in 1995 and what he has identified as the “new luxury,” a concept that luxury is defined by a shopper’s experience. He discusses technology’s ability to create a more personalized customer experience and the one thing luxury consumers are craving the most: authenticity.
On distinguishing the “new luxury”: “It’s not about price. It’s about creating this moment for the customers… where it’s personalized, it’s theirs, it’s comfortable, it’s home – it’s real.”
On a seamless in-store and digital customer experience: “From the moment you’re shopping on Saks.com, we want to bring you into the store without you having to start the dialogue all over again. And that’s our focus.”
On consumers leading the way: “The consumer for the first time in my career is ahead of us and on every facet. And obviously it’s this age of information. As retailers, we used to be able to dictate the fashion trends. We’d dictate the terms of engagement…And now it’s almost upside down.”