Would you believe that Dallas-based Neiman Marcus appears to intentionally open its shops near the highest concentrations of the wealthiest Americans? I know, I know, but Wealth-X (a ultra high net worth (UHNW) prospecting, intelligence and wealth due diligence firm) studied the matter and arrived at that conclusion.
They’re not talking about your run-of-the-millionaires. They’re only concerned with “ultra high net worth” individuals, though they don’t seem to have provided an exact definition of who qualifies for that distinction. However it’s done, there are apparently 2,020 of them in the Dallas-Fort Worth metropolitan area, which is served by four NM stores (downtown Dallas, NorthPark, Plano, and Fort Worth).
Luxury Daily looked in more detail at the study’s findings, which indicate that 62 percent of UHNW Americans live “in close proximity” to (it doesn’t say, but I assume this means in the same metro area as) a Neiman Marcus:
The 19 states where Neiman Marcus is located accounts for more than 75 percent of the ultra-affluent consumers in the U.S.
The study first examined Neiman Marcus’s hometown, Dallas. In Dallas, there are four locations to cater to a population of 2,020 ultra-affluent consumers. Throughout Texas, there are seven Neiman Marcus retailers located in Austin, San Antonio and Houston.
In total, 5,785 of Texas residents are ultra-affluent individuals.
How does NM’s penetration among the super-rich compare to some of its competitors? That’d be somewhat interesting to know, wouldn’t it? Instead, we have to settle for this “insight:”
When a luxury brand looking to expand into new markets, being aware of the area demographics makes scouting a location easier. Whether the brand is opening a new boutique or selecting a single boutique to carry a limited release item, knowing where affluent consumers reside or frequent is key.
UPDATE: A representative of Wealth-X has informed me that their definition of “ultra high net worth” is $30 million or more in assets.