Economic woes may be keeping Asia’s big spenders away from Rodeo Drive and Madison Avenue, but surprisingly, the high-end boutique business is still humming in both New York and L.A.
The reason: an influx of American tourists and a growing base of local customers.
“I don’t think there’s one particular ethnic group that has replaced those Asian shoppers,” said Tony Cherbak, a retail analyst and partner with Deloitte & Touche. “I think it’s basically these businesses are drawing from their basic demographics, especially Rodeo Drive, which has a hard-core following from its central demographics on the west side and Bel-Air.”
Marion Davidson, vice president of marketing for Hermes, said, “There are fewer Japanese customers, but those who are visiting the stores are spending quite a bit more. The Continue reading…