The recession has chilled the spending of even high-end customers. Unity Marketing, a luxury consumer research firm based in Stevens, Pa., provided WWD with a look at the top, midtier and discount stores where consumers with annual incomes of $250,000 or more said they’ve been shopping. “The stigma attached with shopping down-market is gone,” said Pam Danziger, president of Unity Marketing.
Below is a list of the top 18 stores where high-income consumers say they have been shopping.
department-stores
department-stores
March 19, 2009
WWD List: Spending Habits
The top stores where high-income consumers say they have been shopping.
department-stores/news
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1. TARGET
Percent who have shopped here in the past year 46.2 percent
This Minneapolis-based retailer posted a sharp drop in fourth-quarter profits. But Danziger of Unity Marketing said, “Target has consistently shown that they offer a good value.”
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2. COSTCO
Percent who have shopped here in the past year 39.5 percent
The warehouse club offers high-end products, such as the Blue Sapphire & Diamond Necklace and the Evolution 66 Jet Stereo Spa. “One of Costco’s strategies is to target small business owners in local communities where they serve,” Danziger said.
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3. MACY’S
Percent who have shopped here in the past year 38.6 percent
Despite lower fourth-quarter profits, layoffs and a major restructuring now under way, Macy’s latest results were better than expected. “We beat every single competitor you could probably name,” Terry Lundgren, chairman, president and chief executive officer, told WWD.
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4. NORDSTROM
Percent who have shopped here in the past year 31.9 percent
“Nordstrom really is the department store of choice for our affluent respondents,” Danziger said. “Accessibility is the key here among affluent consumers.” For the three months ended Jan. 31, the retailer said net income fell 67.9 percent. Musician Pete Wentz is launching an exclusive junior sportswear line at 600 doors beginning in April.
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5. WAL-MART
Percent who have shopped here in the past year 25.9 percent
The world’s largest retailer has been particularly strong in the recession. “All income levels are shopping at Wal-Mart,” Danziger said. “Wal-Mart’s positioning has allowed it to outperform many of its competitors,” WWD reported. U.S. comparable-store sales increased 5 percent in the four weeks ended Feb. 27, and earnings per share rose 6 percent in 2008.
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6. KOHL’S
Percent who have shopped here in the past year 20.6 percent
The Menomonee Falls, Wis.-based chain has a strong hold in the Midwest. “Our affluent respondents really appreciate this retailer for its reliability — it’s perceived as a dependable place for brand names, and it’s great for the family,” Danziger said. Designers such as Vera Wang and Dana Buchman have collections that are sold at Kohl’s.
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7. BLOOMINGDALE’S
Percent who have shopped here in the past year 19.3 percent
This division of Macy’s Inc. is going global. The upscale chain plans to enter the Dubai market in 2010. WWD said in December, “The stores — one for men’s and women’s apparel and the other a home unit — are not scheduled to open until February 2010, but expectations are high.”
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8. T.J. MAXX
Percent who have shopped here in the past year 18.6 percent
“This is a smart place to shop,” Danziger said. “Luxury shoppers really appreciate the ability to find name brands for less. The fact that it’s also got a cool factor to its pieces, which never stay in the store for long, give consumers even more reason to shop there.”
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9. SAM’S CLUB
Percent who have shopped here in the past year 18.2 percent
Similar to Costco, this warehouse chain owned by Wal-Mart offers members discounts on items packaged in bulk. But shoppers looking for big-ticket items can also find products, such as a 14-carat Oval Aquamarine and Diamond Pendant ($11,370) and a Bose Lifestyle V10 Home Entertainment System ($1,497).
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01
TARGET
Percent who have shopped here in the past year 46.2 percent
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02
COSTCO
Percent who have shopped here in the past year 39.5 percent
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03
MACY’S
Percent who have shopped here in the past year 38.6 percent
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04
NORDSTROM
Percent who have shopped here in the past year 31.9 percent
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05
WAL-MART
Percent who have shopped here in the past year 25.9 percent
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06
KOHL’S
Percent who have shopped here in the past year 20.6 percent
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07
BLOOMINGDALE’S
Percent who have shopped here in the past year 19.3 percent
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08
T.J. MAXX
Percent who have shopped here in the past year 18.6 percent
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09
SAM’S CLUB
Percent who have shopped here in the past year 18.2 percent
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10
NEIMAN MARCUS
Percent who have shopped here in the past year 16.4 percent
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11
J.C. PENNEY
Percent who have shopped here in the past year 14.2 percent
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12
LORD & TAYLOR
Percent who have shopped here in the past year 12.5 percent
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13
SAKS FIFTH AVENUE
Percent who have shopped here in the past year 12.3 percent
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14
DILLARD’S
Percent who have shopped here in the past year 11.5 percent
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15
SEARS
Percent who have shopped here in the past year 11.1 percent
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16
BARNEYS NEW YORK
Percent who have shopped here in the past year 7.2 percent
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17
KMART
Percent who have shopped here in the past year 6.9 percent
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18
BERGDORF GOODMAN
Percent who have shopped here in the past year 5.8 percent
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