{"id":25598,"date":"2015-06-25T09:00:19","date_gmt":"2015-06-25T13:00:19","guid":{"rendered":"https:\/\/biznews.fiu.edu\/?p=25598"},"modified":"2017-01-09T07:38:07","modified_gmt":"2017-01-09T12:38:07","slug":"college-of-business-dives-into-the-fast-changing-luxury-retail-landscape","status":"publish","type":"post","link":"https:\/\/biznews.fiu.edu\/2015\/06\/college-of-business-dives-into-the-fast-changing-luxury-retail-landscape\/","title":{"rendered":"College of Business dives into the fast-changing luxury retail landscape"},"content":{"rendered":"

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What is luxury retail? It\u2019s not so clear anymore.<\/p>\n

\u201cIn the past we used to know because it was defined by a certain number of very exclusive brands,\u201d said Stephen Barnett, faculty executive director of MBA programs at the College of Business. \u201cToday, everyone is trying to figure it out. You have favelas [shantytowns] in Rio where residents have 54-inch TVs on the wall; and who can\u2019t afford a Coach belt?\u201d<\/p>\n

FIU\u2019s College of Business will help retail and marketing professionals analyze challenges, understand opportunities and identify must-have strategies for success in this rapidly changing landscape through its Luxury Retail Management Program, which will be held August 10-19 at FIU Brickell.<\/p>\n

Designed for those who currently work with luxury clientele, the program will feature faculty and guest experts covering distribution management, retail strategies, international expansion, and digital and e-business strategy. <\/span>It will also showcase new opportunities in luxury retailing for professionals in law, accounting, wealth management, and banking.<\/span><\/p>\n

Today, luxury brands aren\u2019t limited to boutiques and high-end department stores as crossovers with mass-market retailers become increasingly common.<\/span><\/p>\n

Some industry insiders said that luxury risks expanding to a point where it becomes less alluring.<\/p>\n

\u201cThe exclusivity is what creates a luxury product,\u201d said Barnett. \u201cBut today a lot of brands that were high-end names have moved into stores like Target and Walmart.\u201d<\/p>\n

With luxury retailing impacted by digital media and its e-commerce, one of the program\u2019s focus areas will be social media, which, experts say, can \u201cmake or break\u201d a brand.<\/p>\n

\u201cThrough social media anyone can have a worldwide audience almost instantaneously if it goes viral,\u201d Barnett said. \u201cWe used to be able to control brands\u2019 images, but the internet has democratized who gets to say what. Now brands must pay closer attention to their consumers\u2019 needs and wants, which makes managing the brand more difficult.\u201d<\/p>\n

Social media is also playing an important role in consumers\u2019 shopping preferences. Research reveals that many consumers buy more from brands they\u2019ve interacted with on social media. The way people shop has also changed dramatically over the last decade, with online shopping outpacing visits to brick-and-mortar stores.<\/p>\n

Now in its second edition, the College of Business\u2019 Luxury Retail Management program focuses on four sectors:<\/p>\n