In this week’s Luxury Briefing, I speak to analysts and researchers about what Bloomingdale’s is doing right as parent company Macy’s Inc. reports its earnings. Also, an exclusive inside look at the next creator storefront (from creator Julia Berolzheimer), as well as executive moves at Richemont, the British Fashion Council, Icicle and Theory. For tips or comments, email me at zofia@glossy.coAt a time when luxury department stores are shrinking, Bloomingdale’s has recorded its strongest second quarter ever.
On Thursday, parent company Macy’s Inc. reported that Bloomingdale’s comparable sales increased 11.3% in the second quarter, marking its second consecutive quarter of double-digit growth. Sales increased across every channel, market and category. By comparison, comparable sales rose 1.1% at the Macy’s nameplate and 2.7% across Macy’s Inc.
The result extends Bloomingdale’s growth streak to eight consecutive quarters. It also points to an advantage that separates the department store from many of its luxury competitors: Bloomingdale’s is not dependent on luxury alone.
Its assortment stretches from premium and contemporary fashion to Chanel fine jewelry and watches. In an uneven market, that gives aspirational and high-spending customers room to move between price points and categories without leaving the store.
