Less is More

Last week in New York, I stopped by to check out the newly restored Rhinelander, which just reopened as the Ralph Lauren menswear store on Madison and 72nd. Even though it's still hidden behind scaffolding and construction scrim, the store opened for business at the start of Fashion Week. The newly constructed women's & home flagship is set to open across the street in a few weeks.

The space recalls a posh men's club... all polished mahogany, deep leather seating and richly colored hues. It goes without saying that the store is beautifully designed and the service was excellent. However, the RL merchandising team could use a lesson in restraint – in this case, less would be more. As I navigated Purple Label, I nearly knocked over a bespoke mannequin and his friend. I also had trouble finding the timepieces, which I was astounded to learn flank the front door – in plain view, but overshadowed by other gorgeousness. The sky-lit fourth floor RLX boutique was a much needed respite from the navigating dark rooms alongside Russian oligarchs.

Are the Rich Like Us?

As retailers fight to get customers back into stores, prognosticators have hoped the high-end of the market would be the first resume spending. Even though luxury's core wealthy customers have not been as hard hit as aspirationals, there is more evidence that the return to old spending habits is a long way off. The highest end of the market continues to cut back spending in all categories. Maybe the rich really are like the rest of us.

Why is this? Well, wealth (like everything) is relative. Even though it's hard to muster sympathy, in high end real estate markets, the lower end is suffering. Foreclosures and short-sale blues are hitting these consumers just as in middle class markets – one in seven mortgages over $1 Million is seriously delinquent. Last week, the New York Times wrote about the spike in payment delinquencies and short-sales in Los Altos, CA, where the median home price is $1.5 million. Note to Los Altos: Palo Alto is snickering at you.

Luxury retailers are adapting to more careful customer behavior. More customers are making multiple visits to stores before deciding on a purchase. These consumers are not only planning purchases more prudently but waiting for possible discounts and prolonging the thrill of the purchase. Neiman Marcus is one retailer retraining associates to work with customers within the longer sales cycle.

I spoke with one customer who related her story of shopping at Ralph Lauren in Atlanta. She fell in love with an evening gown at the store, but wasn't ready to bite at the $6,000 price point. As soon as the dress was marked down to $2,000, the sales associate called her personally and she was ready to buy. Just like us? Relatively.

Bienvenue, Ralph!

Perhaps no brand's icon is as quickly and uniformly associated with "The Good Life" as the embroidered rider on his polo pony. It means wealth, leisure and Pimm's cup on the terrace in the afternoon. The story is instantly familiar: a Baruch college dropout working as a sales associate at Brooks Brothers started selling ties of his own design to downtown investment bankers. In several years he builds a multi-billion dollar fashion and retail empire. He was born Ralph Lifshitz, son of a house painter from the Bronx. You know him as Ralph Lauren.

The genius of Ralph Lauren isn't his merchandise, it's his merchandising. He has permanently changed the way we shop by building environments that sell a complete lifestyle. His creation of the Polo Mansion (aka: the Rhinelander Mansion) in 1984 on Madison and 72^nd is the most influential retail concept in the last 40 years. Here, you step into the home of some impossibly wealthy robber baron, wander the halls and acquire good taste. The formula is oft copied and Polo Ralph Lauren went on to create "mini mansions" in fashionable downtowns and tony malls throughout the world.

Today, Polo threw open the doors of its first mansion-store at 173 Boulevard Saint Germain in Paris. Yes, there is a women's store on Avenue Montaigne and his first Parisian outpost on Place de la Madeleine, but never before today has there been a Polo store in Paris which rivaled the Rhinelander. Abby and I rode our Velibs across the Seine to pay a visit this afternoon. Judging from the perfectly coiffed heads milling about us, we were joined by every doyenne in Paris for opening day. The store is laid out on five glitteringly appointed floors of palatial proportions. This isn't Hemingway's post-war Paris… this 17th century mansion is straight out of Edith Wharton.

Upstairs, a perfectly tailored salesman in a tweed jacket helped me discern the difference between two single breasted navy blazers (boring, I know – but a void in my wardrobe.) Following the Colette incident, I've been longing for black boots and thought I struck upon a compromise: a sleek pair of black chukkas that would work well with a suit or jeans (day-into-evening!) I asked a tall, handsome, square-jawed salesman if I could try them on in my size and pondered if I should also ask for his number. "These, sir, are made-to-measure." Out of my league… on both counts.

Abby and I were secretly hoping of running into Ralph, and dressed accordingly.  Regrettably, he was not in the store today. As I stood outside taking a photo of the facade, a well-tailored gentleman with a British accent cracked a joke that my photo was the only thing I'd get free from the store. Turns out I was speaking to Julian Griffiths, Senior Director of Operations for Polo Ralph Lauren in Europe – Griffiths was responsible for developing the new store. He explained that today was the culmination of a four-year labor of love - with heavy emphasis on labor. The mansion, once a grand address, had fallen into disrepair and was used for decades as a less-than-grand office building. The architects and designers had to clear away makeshift walls, rebuild the main stairwell, and completely redesign and replant the central courtyard.

The end product surpasses the Rhinelander store – the light is superior, the flow more conducive to browsing, the setting more splendid and something quite – je ne sais quoi – Parisian?

Photos courtesy of WWD Online