W E A LT H
S U M M IT Where the Wealthy Spend
Consumer Insight & Retail Dynamics: An evolving Elite P R E S E N T A T I O N B Y
Nicole Greenstone Group Asset Manager, Hyprop Investement Limited
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The company operates in four segments: retail, office, hotels and listed property securities. Nicole has been with Hyprop since October in 2003 and has 19 years of experience working in property management. She has a BA Hons and a Higher Diploma in Education. She has also finished her National Diploma in Real Estate, with a focus on Valuations. The jewel in the Hyprop crown is Hyde Park Corner - a niche shopping centre that excels at bringing together elite and premium brands for an exceptional customer experience. Addressing the evolving requirements of the high-end shopper, the centre has matured from “trendsetter” to the definitive standard for fashionconscious boutique shopping and boasts over 130 leading speciality retailers. The Grande Dame of South African retail, Hyde Park Corner, located in the heart of Johannesburg’s affluent northern suburbs, is positioned as the definitive destination centre for discerning shoppers. The centre houses a dynamic tenant mix, reflecting a distinguished blend of leading international and local brands.
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WHERE THE WEALTHY SPEND
CONSUMER INSIGHT & RETAIL DYNAMICS Targeting the HNW consumer effectively
Today’s retail landscape
• Polarising • Globalising • Fragmenting • Digitising • Struggling
High net worth individuals
where do they shop?
Hyde Park Corner a case study
Centre stats • Constructed in 1969 • 27,637m² retail plus 9,346m² offices • 130 retail stores • Four Star 132 room Southern Sun Hotel • Market value 2011 – R1.337bn or R36,233/m² • Highest trading density in the Hyprop portfolio – 20% premium to nearest rival, Canal Walk • Positioned as an island of luxury servicing an affluent clientele
more stats • 72% of the customers are female • Average period patronising the centre = 14yrs • 15 = average shopper visits per/m² • Average LSM Group 10 • 70% are weekly shoppers • Average dwell time 1.5 hrs
Creating a tiered retail environment
Multiple levels of luxury
Once upon a time Luxury was the realm of the elite
The meaning of Luxury has devolved and its consumer base has widened
Hyde Park’s luxury consumer
• High net worth individuals • High earning professionals • Aspirational customers
Online vrs In-store In 2011 Hypropâ&#x20AC;&#x2122;s 13 shopping centres attracted 85.5 million visits which translated into R15.5bn worth of turnover. A 14.5% growth on 2010. Total SA online sales for 2011 are estimated at R2.8bn â&#x20AC;Ś.the mall is not dead
Service
service is at the forefront of every luxury brand
Rank
money only makes people happy if it improves their social rank
Time
by 2020 you can expect to be 44 times busier than you are today
Value
Conscientious spending will slowly replace conspicuous consumption
Homegrown Luxury
Promoting local designers and retailers of the future
Atmosphere & Experience
Luxury consumers up and down the income scale gain their greatest luxury thrills from experience
Innovation
creates additional reasons to interact with a brand
Luxury : the messageâ&#x20AC;Ś..
The things we often wish for the most are not always what we can see and touch