Changes in Chicago - Watch Shopping

[srvrf]

I come up here to Chicago for a concert and spent Saturday shopping around. Part of my afternoon typically involves watch shopping but I was really surprised by what I saw. First stop Tourbillon- gone. A new Ugg store being built in its place. Second stop Swiss Fine Tining - gone. Third stop Tourneau - there but with a marked shift towards entry level brands. No more Patek (I believe that’s where I first tried on a 5980), and the most represented brands were Tag, Frederique Constant, and Baume and Mercier. There were some IWC, JLC, Panerai, and Breitlings of course but not too many pieces were on display. The Omega boutique was intact and the people there as friendly as ever, but I wonder if the watch market downturn, combined with high rents on Michigan Avenue have taken their toll on the higher end. I’m not a big spender by any means, but do seem to be thinking more value than pure luxury and wonder if others are doing the same.


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[gtruex]

I was just in the Chicago Tourbillon a couple of months back. It was a nice store. It's too bad to see it go.

[superdog]

The watch community is definitely hurting.

It'll be interesting to see how it all plays out. But it'll be the big boys with deep pockets that stay in the game and weather the storm.

I think the big question is how long will the storm last, and can the player ride it out. If a street like Michigan in a city like Chicago is on a down turn, that's a super strong indicator.

[bayerische]

I'd say some of the "craze" is over. IMHO used dealers/private sellers are trying to compensate less sale(s) by upping prices.

Are watches going to be the only thing in history immune to trends, and with an infinite price hike?

No.

[rr-nyc]

The Chicago market for luxury goods, in general, have been in the dump for a few years. The Kering Group and LVMH are both struggling to keep stores open there. Independents like Lanvin closed up and left.

Odd for a city the size of Chicago. Smaller cities/markets like Dallas, Vegas, and Miami all out perform Chicago



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[brandrea]

I'm surprised to hear this.

I would've thought a city of that size and stature, would sell enough to tourists and visitors alone.

[dddrees]

Originally Posted by brandrea

I'm surprised to hear this.

I would've thought a city of that size and stature, would sell enough to tourists and visitors alone.

Isn't it possible they're also experiecing a downturn in tourism because of Chicago's other problems?

[brandrea]

Originally Posted by dddrees

Isn't it possible they're also experiecing a downturn in tourism because of Chicago's other problems?

Im jot aure about the "other problems" but with one of the largest convention centers going, I'd have thought visitors to the city would help

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[chicagonoob]

As a resident, i can tell you the 10.25% sales tax doesn't help. The "other" problems are very much isolated to certain neighborhoods...the Mag Mile / Gold Coast aren't any more or less safe than "touristy" areas in other large cities. Do these issues cast a long shadow over the city? Certainly. However, I don't see them as being a deterrent to tourism, conventions, etc.

[Chiboy]

Originally Posted by rr-nyc

The Chicago market for luxury goods, in general, have been in the dump for a few years. The Kering Group and LVMH are both struggling to keep stores open there. Independents like Lanvin closed up and left.

Odd for a city the size of Chicago. Smaller cities/markets like Dallas, Vegas, and Miami all out perform Chicago



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And in the last year, Razny opened a shop on Oak Street (where high end designers tend to set up shop) selling Rolex and Patek.

[SG56]

Originally Posted by chicagonoob

As a resident, i can tell you the 10.25% sales tax doesn't help. The "other" problems are very much isolated to certain neighborhoods...the Mag Mile / Gold Coast aren't any more or less safe than "touristy" areas in other large cities. Do these issues cast a long shadow over the city? Certainly. However, I don't see them as being a deterrent to tourism, conventions, etc.

Yep, the tax!!! And then, there's city tax. Not sure it applies to luxury items, but i'm sure Illinois has a way of scratching a bit extra with a luxury tax or something.

If i were a business person, going to chi, i wouldn't say 'hey i'm going to chicago for work. i'll stop by and get a rolex while there'

And anyone local, willing to pay the tax, will go to dupage county to avoid paying cook county tax.

I've just yesterday discovered a few more rolex ADs out in the burbs, from Rolex' website.

[Springfield]

Patek disappearing from Tourneau happened a few months ago (if not over a year ago). They have brought in some lower priced brands (e.g. Nomos), but their selection of JLC, IWC, etc. is essentially at the same level as it always was (at least during my repeated browsing visits over the past three or four years).

As someone that has to frequently book a hotel in Chicago for business travel, I can state that Chicago continually has conventions and other events pulling people in.

On a related topic, yes Chicago's taxes keep me from picking up another watch in Chicago (so far).

[SMD]

Don't care. Still one of my favorite cities, and I say this as a New Yorker.

[Star Ferry]

I think this says more about chicago than it does about the watch industry

Luxury real estate is also in the gutter there. I don't think the economy of chicago metro is very healthy. Similar to philadelphia and cleveland, the core industries are gone

[uscmatt99]

Swiss Fine Timing just moved off the mag mile to Walton Street. Looks to be a bigger footprint, though I haven't been in yet. Their original location did feel a bit cramped the times I've been in, so maybe a move in the right direction.

Tourbillon was fun to visit but I'm not sure anybody actually purchased anything there. They did not budge from MSRP, and had a lot of turnover on their sales staff as a result. Who would buy an Omega there when you can just pay full price down the street at the boutique? All of their other Swatch brands could be had for a big discount elsewhere, minus the big sales tax.

I was excited to see Tourneau lose Patek and gain Nomos. I wonder how they were ever a Patek dealer to be honest.

[srvrf]

Originally Posted by uscmatt99

Swiss Fine Timing just moved off the mag mile to Walton Street. Looks to be a bigger footprint, though I haven't been in yet. Their original location did feel a bit cramped the times I've been in, so maybe a move in the right direction.

Tourbillon was fun to visit but I'm not sure anybody actually purchased anything there. They did not budge from MSRP, and had a lot of turnover on their sales staff as a result. Who would buy an Omega there when you can just pay full price down the street at the boutique? All of their other Swatch brands could be had for a big discount elsewhere, minus the big sales tax.

I was excited to see Tourneau lose Patek and gain Nomos. I wonder how they were ever a Patek dealer to be honest.

I didn't know they moved and certainly don't blame them. I'm guessing the rent even for that small of a store was crazy.

[derekstlmo]

I bought my 15202 from swiss fine timing just walked right in and offered it to me first time in the store i liked that store and they had a nice ap collection. It was probably 5yrs ago tho

[s14roller]

I've been to Chicago twice and while it's a great town to walk around and sightsee, I didn't really get the impression it was conducive to high-end shopping...at least not like NYC.