HIGHLAND PARK – It takes big money to be a regular at luxury shops like Chanel and Ralph Lauren.
That seems like a high bar, but more shoppers than ever are clearing it at Highland Park Village.
“The top of the luxury market is on fire,” said Stephen Summers, who co-owns the shopping center.
He said, in the last four years, sales are up 75 percent.
Things are so good, luxury retailer Hermes is currently more than doubling the size of its store.
“The core customer that’s been a shopper here for the last 30 years is still shopping,” Summers said. “But we’re gaining new core customers. The customer base is growing and growing and growing.”
Dallas is a place the world associates with wealth, among other things, and a new report shows there’s more of it than ever.
The United States Wealth Report found in the last four years, the number of millionaires in Dallas is up 20 percent. In that time, Dallas and Houston registered the most-aggressive growth of millionaires in the nation.
Dallas is a place the world associates with wealth, among other things, and a new report shows there’s more of it than ever. News 8’s David Schechter has more.
Steve Kenny is with RBC Wealth Management, which co-wrote the report. He said the growth in Dallas is new money and it’s contributing to the life of the city. Think of self-made billionaire Kelcy Warren, who donated money to help build Klyde Warren Park, named for his young son.
“And I think that’s what changing in Dallas and other parts of the country — is the individuals are having the opportunity to literally grow from grass roots and becoming millionaires,” Kenny said.
Kenny said the growth in local wealth comes from industries like energy, telecom, retail, and technology.
It also comes from companies relocating here from high-tax states, like Toyota, which is moving its North American headquarters to Plano from California.
Among other things, all that wealth is leading to off-the-charts sales of luxury homes, said Realtor David Griffin.
“This is the best market I have ever seen for luxury homes,” Griffin said.
Luxury and wealth are both on the move in Dallas, leading to the best sales ever for those that cater to that elite world.