We recently wrote about what lies ahead for brick-and-mortar luxury retail and see opportunity in Sunbelt markets. More opportunity for luxury exists in luxury resale, which is often seen as the gateway to customers purchasing full price as they trade up or become more familiar with a brand.
The RealReal recently hired John Koryl, an ex-Neiman Marcus executive, as their new CEO, indicating the value they are placing on having someone at the helm with both physical and omnichannel retailing experience. The RealReal has 16 retail stores.
Looking at individual stores, the California stores in Santa Monica, Newport Beach, and San Francisco all saw sharp increases in foot traffic as Christmas approached.
Median incomes for these shoppers across all geographies is well over $160K+ and reaches nearly $300K in Greenwich, CT.
While there are some similarities between shoppers in different parts of the country, eg Ultra-Wealthy Families and Sunset Boomers making up a large portion of the shoppers per Spatial.ai: Personalive, when we dive deeper we see some differences emerge. In Greenwich, CT (blue), those two segments account for 7 in 10 visits. In Newport Beach, CA (red), we also see Educated Urbanites, Wealthy Suburban Families, and Young Professionals. Lastly, in Dallas, TX (green), the largest group is made up of Young Professionals (26.8%).
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