Rent the Runway and Neiman Marcus aim to disrupt the retail industry with major announcement
There's no question that the ability to change and adapt is crucial to the survival -- and success -- of a business and an industry, but what really changes the game is the ability to disrupt. To be the leader of change and evolution for your industry... that's where it really makes an impact.
That's what Rent the Runway and Neiman Marcus seek to do with their partnership, announced today -- they'll be collaborating to open Rent the Runway stores inside Neiman Marcus locations. The first, in San Francisco, will allow women to walk into the department store and have the option to see (and rent that same day!) countless designer options for a fraction of the price. Whether they're just looking for a more personalized shopping experience than browsing online, or are in need of something that same day, it's pretty much a win-win.
Offering everything from a quick browse of the RTR Dream Closet, to a personalized styling session or a chat with the experts at the RTR Bar, it's everything you love about Rent the Runway, but inside your favorite store.
A rendering of the new Rent the Runway x Neiman Marcus store.Photo: Heitler Houstoun Architects, PC
"We see the industry going towards a point where women's wardrobes are half owned, half rented," Maureen Sullivan, president of Rent the Runway told us. "We know women will still buy clothing, but now they have access to an unlimited dream wardrobe as well."
It's the combination of one highly sought-after market -- the millennial woman (Rent the Runway's average customer's age is 29) and the high quality, luxurious experience of a premium department store in Neiman Marcus.
According to research (and knowledge of our own lives and friends), millennials prefer options over ownership -- how many of the people you know have Netflix subscriptions, use Uber to get to-and-fro, and listen to Spotify or Pandora? It's the reality of the age we live in, people would rather have something without having to own it -- and that's exactly where Rent the Runway becomes your wardrobe best friend.
"Everything is in 'The Cloud'! Why shouldn't your clothes be, too?" Sullivan said.
One of the best things about this partnership is the immediacy of it all. If you need a pair of shoes to go with the dress you just rented, how convenient that the shoe department is just upstairs? It's the perfect combination of renting statement pieces for special moments in life and investing in your new go-to, the classics you'll have forever.
Said Rent the Runway CEO and Co-founder Jennifer Hyman, "We believe that our partnership marks a major structural change within the retail industry, demonstrating that renting is a smart complement to ownership in an increasingly access-oriented world."
And Karen Katz, President and CEO of Neiman Marcus Group, agreed. "Together we're helping the next generation of luxury consumers discover and fall in love with designer fashion."
The first-ever Rent the Runway store at Neiman Marcus opens this week on the 5th Floor of 150 Stockton St, San Francisco, CA. More locations will open in 2017.