The United States of Luxury

The United States is back in fashion — at least, as far as luxury is concerned. Brands across the board are focusing on the US, upping their flagship boutique sizes and specs, and venturing further into the country after years of prioritizing slim slices of the coasts.

North America led luxury store openings in 2025, accounting for 27% globally, according to Savills. “Every brand I talk to is reinvesting in the US,” says HSBC US head of retail and apparel Eric Fisch.

There are multiple levers behind the recent uptick in US investment and focus. It’s largely driven by the yet-to-bounce-back Chinese market, Fisch flags. “There was this view that China was shut for Covid, and then it was going to just explode. Here we are six years later and there hasn’t been any explosion.” The rise of local Chinese challenger brands has also hindered luxury’s comeback, he adds. In the US, however, employment rates remain solid and the stock market is up, driving confidence — and spend — among high-net-worth shoppers.

The US has thus been a bright spot in recent quarters, standing out as a growth engine in a spate of luxury earnings dominated by revenue dips and declines. The Sun Belt — America’s southern and southwestern states — is where to watch, Fisch says, highlighting cities including Charlotte, Nashville, Miami, and Charleston. “It’s a combination of local wealth and more tourism flowing to those markets,” he adds. “Brands are realizing that there’s a great ROI opportunity on the leases that are obviously less than those on Fifth Avenue or Newbury Street, but have a lot of foot traffic.”

We break down the most promising markets for luxury in the US today, from mainstays New York and Los Angeles — which continue to drum up investment — to more nascent, ultra-buzzy markets like Scottsdale and Nashville. “When [luxury brands] started opening in Williamsburg, I was skeptical,” Fisch says. “Now, we’re so far past Williamsburg.” Here’s where to go next.

Vibe: Resort-esque. The desert landscape means malls reign supreme, while sprawling golf courses offer a space to congregate — on the course or at the club.

Consumer: Affluent retirees and wealthy out-of-towners in search of sunshine with second homes in the city (or state). Wealthy families whose parents live day-to-day in athleisure — with gold jewelry, expensive handbags, and Chanel flats or Gucci sneakers to complete the look — but dress up for a lunch or dinner at the country club.

Shopping: Much of Scottsdale’s luxury offerings are concentrated in department stores — it’s hot year-round, after all. Scottsdale Fashion Square is home to many Arizona-first boutiques including Dior and Brunello Cucinelli. Even Hermès, which tends to look for unexpected locations in new cities, opted for the tried-and-true mall.

Hermès: First AZ store, Scottsdale Fashion Square (2025)

Loro Piana: First AZ store, Scottsdale Fashion Square (2025)

Montblanc: New store, Scottsdale Fashion Square (2026)

Vibe: Beachy island living, with a city twist — there are many more high-rises than one might expect.

Consumer: A mix of locals and foreign investors who purchase luxury properties in the city. Tourists come ready to spend and save: tax rates are lower in Hawaii than many other US cities, at about 4%. Many brands also offer “Hawaii pricing”, which is about 10% lower than mainland US prices. Locals, meanwhile, are eligible for kamaʻāina discounts, which are significant savings reserved for local Hawaii residents.

Shopping: Ala Moana is the world’s largest open-air shopping mall, and is filled with luxury brands. Royal Hawaiian Center, located a quick 10-minute drive down the coast, is the other main mall in Waikiki. For those keen to stroll down the street instead, Kalākaua Avenue is home to stores like Kith, as well as Luxury Row, which is made up of brands from Chanel to Bottega Veneta.

Ferragamo: Re-opening, Royal Hawaiian Center (2025)

Ganni: First Hawaii store, Ala Moana Center (2025)

Vibe: Sunny, sandy, laid-back. Everyone drives, meaning the sidewalks are sparse — but the Erewhons and Urth Caffés are heaving at all times of the day. Office jobs don’t dominate in LA.

Consumer: Hollywood execs and agents, startup employees and entrepreneurs. “They are startups, they are independent, a lot of people in the service industry, they’re entrepreneurs,” Ermenegildo “Gildo” Zegna told Vogue Business of LA’s top consumers. “There are people who need lots of capital.” Plus, plenty of influencers, creators, and self-employed freelancers making lots of money to spend on everything from Community Goods matchas to Dior handbags.

Shopping: Beverly Hills’s Rodeo Drive remains the obvious choice for luxury. Melrose Avenue, and the adjacent Melrose Place, is the lower-key option that’s drawn brands like The Row and Khaite. Palisades Village is reopening in August, too, following last year’s wildfires, with brands and retailers including Elysewalker and Paige already locked in.

Loro Piana: Post-expansion flagship reopening, Rodeo Drive (2024)

Lanvin: New store, South Coast Plaza (2024)

Zegna: New store, South Coast Plaza (2025)

Moncler: New store, South Coast Plaza (2025)

Dior: Post-expansion flagship reopening, Rodeo Drive (2026)

Vibe: Buttoned-up, smart-casual. The city of San Francisco is hilly and home to a vast array of community pockets, from boho to techy. San Jose is a mini-city — with big wealth — surrounded by sprawling hills.

Consumer: AI millionaires, tech elite, as well as employees at tech (and fintech) companies keen to swap their On sneakers and windbreakers for Succession-esque, quiet luxury looks. Also, fashion-forward working women who are keen to flex their taste.

Shopping: Union Square is the go-to for luxury brands. Though it’s had vacancies in recent years, re-openings like The RealReal are breathing new life back into the area. Maiden Lane is the street to note, where the new McMullen boutique will open. Laid-back Jackson Square, located by San Fran’s buzzing Fisherman’s Wharf, is home to brands like Thom Browne and Isabel Marant. Brands are also heading down to Valley Fair mall in South Bay, south of San Francisco (aka Silicon Valley), to capture the abundance of tech wealth.

Vibe: Showy, splashy, high-energy. Some call the Strip Disneyland for adults. The malls, hotels, clubs and restaurants are all high-octane, and the Sphere has emerged as the city’s cultural epicenter.

Consumer: Historically, gamblers, conference-goers and party girls and boys. Now, there’s a host of visitors in town for sporting and entertainment events, too, plus a host of wealthy residents who decamped from California to Vegas in search of more favorable tax rates.

Shopping: The stores are concentrated in a string of malls (many of which are attached to hotels and casinos), including The Shops at Crystals, Forum Shops at Caesars Palace and Fontainebleau Las Vegas. The shops are big and showy; it’s where brands often test the waters with new products and categories.