The saying that the only difference between a cult and a religion is the amount of real estate they own came to mind with the news that cult-luxury retailer, Barney's, faring better in this economic environment than many of its competitors, is planning to open a location in Brooklyn.
Barney's has been an institution in New York since 1923, with humble beginnings as a discount clothing retailer, known then as "Barney's Boy's Town," located on 17th Street and Seventh Avenue. To say it has come a long way uptown is an understatement. Now, known simply as Barney's, it's a luxury department store, even better known for bringing customers the newest and sharpest cutting-edge designer labels. The department store houses traditional designers like Armani and Prada, while showcasing new designers — earning a stellar reputation for its store/art gallery experience.
That uniqueness in a city full of designer specialty stores only serves to further support the importance of differentiation when it comes to branding (and making sales), because when it comes to luxe department stores, Barney's is rated No. 1. According to shoppers who should know, here's how Manhattan luxury department stores rate:
- Barney's
- Bergdorf Goodman
- Henri Bendel
- Sak's Fifth Avenue
- Bloomingdale's
And now that luxury is crossing John Roebling's famous bridge to Brooklyn.
Talk on the street is that Barney's executives have their eyes on Cobble Hill. The new store would be located adjacent to Boerum Hill and Brooklyn Heights — two very, very hot neighborhoods.
Despite the recession and competitive retail market, this will be the first Barney's store to open in New York City in five years, and some retailers think that five stores may be too many, especially in this economy. But we would remind our readers of another NYC icon, Sex and the City's Carrie Bradshaw, who perhaps said it best: "I like my money right where I can see it — hanging in my closet."
Photo by Dana Tuszke
