The Guess Corp. Launches Exclusive Department Store Chain

To be eligible for membership, an individual must possess a minimum household net worth of $250 million.
Guess Private Merchant, concept design rendering

Guess Private Merchant, concept design rendering

Durham, N.C.—The Guess Private Merchant Co., a subsidiary of The Guess Corp., will launch 40 private membership department stores over the next four years, offering exclusive merchandise and specialized service around the globe.

Membership will be limited to 10,000 individuals. To be eligible for membership, an individual must possess a minimum household net worth of $250 million. If approved by a membership committee, the individual will be required to pay an annual membership fee and will be issued a platinum plated membership card with full charging privileges and global access.

“The Guess Corp. continues to develop projects to meet the demands of the ultra-affluent consumer; our research has indicated that they insist on exclusivity and exceptional offerings,” a company spokesperson told Commercial Property Executive. “We are working diligently to develop businesses in every area possible to meet their requirements. The department store space presents a viable opportunity to satisfy our target market.”

The initial cities include New York, Beverly Hills, Dallas, Chicago, Miami, Atlanta, Dubai, Mumbai, Hong Kong, London and Moscow. The glass buildings consisting of seven floors will feature a fine dining restaurant, sushi bar, coffee bar, and full-service unisex salon and spa.

They will also offer a medical clinic including dental and cosmetic services, private suites for dressing and/or overnight stays with room service, meeting rooms with secure video-conferencing, a business center, theater room, photography studio, private dining rooms, fitness center, swimming pool, ballroom, secure vault room with safety deposit boxes and an on-site private bank.

There will be merchandise suites for suits, dresses, lingerie, shoes, accessories, jewelry, watches, diamonds, sportswear, outerwear, athletics, cosmetics and home furnishings.

“The growth of ultra-affluent consumers is a key indicator along with positive macro-economic factors and based on that information, we think it is important to enter the market in the manner that we have outlined,” the spokesperson said. “Our company is focused on delivering the best and most exclusive experiences to the ultra-affluent consumer, this coincides with our strategies to achieve that delivery.”

Newmark Grubb Knight Frank, the company’s real estate broker, will handle site selection.

Image courtesy of Scott + Cormia via The Guess Corp. Facebook page