Bergdorf Goodman, America's most glamorous department store, wants to return to its golden age when shopping combined entertainment and personalized service for Hollywood stars and royalty. Now 125 years old, it survived two bankruptcies and different owners, emerging in June as part of Exemplar Luxury Group.
New CEO Geoffroy van Raemdonck emphasizes the store's magical custodianship. Top sales associates receive extensive training to build long-term relationships and offer personalized services like handbag restoration and custom tailoring.
Despite lavish offerings, Bergdorf Goodman struggled to attract shoppers as Saks Global went bankrupt. Many vendors stopped shipping goods, leaving sales associates with few new products. The store's opulent roots trace to 1901 when Edwin Goodman partnered with Herman Bergdorf.
Half of sales come from customers spending over $10,000 annually. The 40 highest-volume associates account for about $200 million of annual sales. The landmark building at Fifth Avenue and 58th Street still radiates Gilded Age excess, but the store faces critical challenges in reclaiming its former glory.
Source: New York Times Business · Summarized by HeadlinesBriefing