On Sunday, the Business and Economics class took a trip to Rodeo Drive, the heart of the luxury retail market in Los Angeles. We began our day at Lacoste, where the store manager, Vanessa, invited us in for a private discussion on all the business aspects of their store. We learned about how the store is run, who their target demographic is, and how they use data to understand what merchandise is selling and to optimize their sales and store set up.

From there, we went to the Louis Vuitton X exhibit, a three-month art exhibit showing some of LV’s oldest and most valuable collections since the company was first founded. Not only was it exquisitely curated, but it was also an excellent example of PR and marketing tactics that entice new customers into their stores and improve public perception of the brand.

At noon, we were invited into Christian Dior’s VIP room, where the store managers met with us to discuss their business, customer profiles, and how they keep their exclusive brand in such high demand among those who can afford it. Not only did we feel like royalty in that room, but we also got to hold an exclusive art hand bag, priced at $9,000 and got to see some of their fine jewelry up close and personal. From there, we broke off into small groups to complete a questionnaire designed to help us think critically about store operation, pricing in the luxury market, and supply-chain management. We finished the day discussing our findings and taking a group photo at the Beverly Hills sign.

— Business & Econ seminar