Managing Treasure: Forty Five Ten Will Become Barneys Of The Millennial Generation.

In the past few years, Farfetch has gained profits from the decline of old department stores.

This has led to the emergence of independent luxury retailers in the US.

Although independent retailers can not flexibly respond to changing consumer models, they are good at hiring top salesmen to provide private shopping guides for key customers.

They understand that it is the most valuable product to establish long-term cooperative relationship in the era of "personal charm" only.

Unlike the big department stores that have dozens of stores in the United States, these relationship chains can help independent retailers become more flexible and personalized.

Most people are making business expansion with the money they earn.

From Webster, which has stores in Miami and New York, to Kirna Zab te, from New York to East Hampton and palm beach in California, there are numerous such cases.

At the same time, however, they have not launched a marketing strategy specifically aimed at the Millennials.

The oldest of this generation is close to 40 years old and has considerable income.

Bain (Bain) pointed out that in the coming year of 2025, the millennial generation and 95 will contribute 55% of the market to private luxury goods, of which 45% comes from the 1990s.

Forty Five Ten is a multi brand integrated retailer based on Dallas. It was jointly founded by Brian Bolke and Shelly Musselman (died in 2011).

Since 2000, it has provided services for women in the city, and has become an important member of the global luxury retail sector in the past 20 years.

BoF's Tim Blanks said in 2016, "Bolke (and Musselman) has made industry influence through the selection of brands, and consumers do not mind how expensive they are."

Today, Forty Five Ten is determined to launch a store in New York's Hudson square (Hudson Yards), where the new darling of shopping is competing. This will be a commercial risk of nearly $500 billion.

Hudson square used to be a railway station without people in the city. Now it has been developed by Related Cos. and Oxford Properties into a real estate complex with an area of 28 acres and a value of 25 billion dollars.

However, Forty Five Ten itself has changed its name from a few years ago.

Bolke, founder of the company, set up his own concept store The Conservatory after leaving office, which makes the new chairman and creative director Kristen Cole face all kinds of industry competition.

In 2014, Bolke sold the concept store to HeadingtonCompanies, an oil and gas Private Held Company led by Tim Headington.

Over the past twenty years, the billionaire has invested money in other areas, including making films and spending more than $500 million to revitalize Dallas's downtown area.

Among them, Michael Tregoning, who began to work in 1997, is the leader of Headington real estate project.

During his stay in Forty Five Ten, Bolke invited the fashion industry Taylor Tomasi Hill and NickWooster to the company, and opened a new store in downtown Dallas, Houston and Napa Valley.

He left the post in August 2017 on behalf of Cole, owner of Tenoversix, a concept store from Losangeles.

It is worth mentioning that Tenoversix has also been acquired by Headington Companies, and the relationship between Cole and Headington group is much more than that.

Her husband, Joe Cole, is the senior vice president of group retail and hotel business, and now Cole takes charge of all the business of Forty Five Ten.

Although the Tenoversix store in Losangeles was closed in 2017, its stores in Miami and Dallas have been rebuilt into 4510/SIX (new fashion design platform under Forty FiveTen).

It balances Cole's own interests in the new fashions, furniture and accessories brands, as well as Forty Five Ten's sales positioning for the pure fashion design brand.

Her goal is to maintain the loyalty of original customers of Forty Five Ten by providing excellent private guide service, and to attract new audiences by launching new products.

"I am trying to create a leading lifestyle and a multi-level retail experience that can satisfy different customer groups."

Cole said, "art, design and fashion are gathered here, and I hope this atmosphere will be more small and more authentic."

Forty Five Ten closed its store in Houston in 2018.

Tregoning, the real estate project manager, analyzed the reasons for this, fundamentally because of the limitations of the store itself and the fact that rents rose.

But its expansion plan has not slowed down.

Apart from three stores opened in Dallas, they also owned a store in Miami, Napa Valley, and opened a flash store in aspen in 2018 November.

Tregoning pointed out that "we are not interested in projects with no significant effect; our goal is not to create a large number of similar and moderate shops.

We think that having many stores is not necessary, but it does expand the influence of brands. "

In March of this year, Cole faced a huge challenge: four newly established but independent Forty Five Ten in Hudson square.

Here she needs to face not only the most direct competitor of the brand -- Neiman Marcus -- they all come from Dallas and meet the street in the shop there, and there are Bolke and the concept store The Conservatory, which he founded.

It is worth mentioning that The Conservatory has shaken the traditional wholesale mode in the industry by acting as showroom.

Instead of holding inventory, customers can try out Narciso Rodriguez or Victoria Beckham brand clothes in the store, and then place orders directly through shops.

Tregoning mentioned that he had assessed the feasibility of The Conservatory.

(when the company began discussing this matter with Hudson square developers, Bolke is still working for Forty Five Ten.

Cole advised Tregoning to be a good man.

"We are friends of Brian (Bolke), and we are very happy to share this space," he said.

"Hudson square" is a very daring project. Unlike other sites we have consulted, we are given a lot of room to differentiate us from other tenants here.

To be sure, the Forty Five Ten in Cole's mind is so far different from Bolke's imagination that she is not bound by the existing set.

The nearby Niemann Neiman can also bring visitors to the store with Marcus traffic.

Cole believes that her unique product mix not only attracts tourists, but also attracts local fashion and art people, and helps to enhance store identification.

The four space of Hudson square is designed by her husband. The glass brick facade is completed in cooperation with the famous construction company Snarkitecture and decorated with exquisite artworks.

This is the key design principle for Forty Five Ten to have both new and old dual use.

Boss Headington himself is also an art collector.

In their women's clothing stores, we can see the brands such as Marc Jacobs, Marni and Rosie Assoulin, as well as the sculpture of Jose Davila.

The works of Al Freeman appear in men's wear shops selling Jil Sander, Thom Browne and Visvim.

The third boutique is an ancient store planned by a group of professional collectors, with Lars Fisk sculptures in the store.

It includes the design of Halston's leopard print dress and YSL's black taffeta dance skirt, not to mention the Christian Dior jewelry and Chanel quilted leather bags designed in the John Galliano era.

Finally, 4510/SIX is dedicated to the original concept and new designer of Cole, which not only includes the design of Sandy Liang, Batsheva, Jacquemus, MollyGoddard and Maryam Nassir Zadeh, but also displays household products from pottery artists' B and furniture manufacturers.

In addition to the characteristics of brand mix and match, Cole hopes that her hospitality spirit can bring some positive consumption experiences to New York.

"Our employees are very cool," she said.

"Everything we do here is based on respect and the pursuit of fashion."

Whether this is enough to arouse people's desire for shopping remains to be seen.

The fact that the opening of Hudson square has made many New York guests feel strange, after all, they are waiting for the arrival of this day for a long time.

Recently, many luxury retailers newly opened in this city, from Nordstrom men's store in Shangcheng to Chelsea's shop in Barneys, have not yet achieved the expected traffic volume.

(Barneys has denied this in the past and said that its Chelsea store has achieved the desired results.

Last December, Saks Fifth Avenue closed its female store in Brookfield square.

However, the nearby men's shop is still open.

It is undeniable that Hudson square is a unique business proposition.

It has world-class restaurants, mixed retail businesses, art installations that everyone loves, and has the advantage of HighLine Park.

If Forty Five Ten can be successful here, it will probably become the New York Barneys department store of the millennial generation.

Barneys used to be the best choice for shopping surprises, but now it shares the sensitivity of its competitors to products.

Given the ambitions of Forty Five Ten, we may not be surprised that Tregoning and Cole are already considering where they may shop next.

Losangeles, which attracts the millennial generation, is probably the answer.