The luxury retail segment is experiencing a transformation and with that comes a slew of myths, according to research conducted by the Luxury Institute and its Global Luxury Expert Network.
The organization has identified 12 myths — what it it also views as top obstacles — to high performance retail this year:
1. Time is the ultimate luxury. The reality is that a high return on invested time is the true ultimate luxury. Most luxury brands today are trying to emulate Amazon in efficiency, and fast delivery tactics are important. However, those are expected commodities. What luxury clients require is an extraordinary experience when they invest their precious time, whether online, in a store, at a spa, or restaurant.
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