This Minute at Runco
At Runco, we know that value for our products has to be demonstrable. After all, we’re providing an experience, and a luxury one at that. In the wake of the economy many people wonder if commodity products are good enough and is there really value for the luxury product. That’s why Runco demands each display provide an incomparable experience – by definition, an experience you simply cannot get anywhere else. Further, we constantly look to improve conscious luxury – how we improve our product offering by creating it from recyclable material or eliminate energy usage from the display, as in the Runco QuantumColor LED projectors. Finally, we also look to ensure that our customers get what they pay for – luxury goods that are truly one-of-a-kind, whether is optional customization found in Runco’s FinishPalette offering or the customization that comes with every Runco projector, which are each built-to-configure to fit exactly in your home.
In an excerpt from
“Luxury hospitality has been hit harder by the worldwide financial disruption than any other segments of the hotel business. It follows, therefore, that it is likely to take awhile for this sector to recover.
Some will simply wait for affluent travelers to return. Others say things will never be the same. Either way, there are some trends emerging that can help guide us through this fog of uncertainty.
Simon Cooper, president of The Ritz-Carlton Hotel Company, is one of many whose near-term plans assume a rebound: “When home prices stabilize, the stock market stays bullish and jobs are created, there will be a large amount of pent-up demand to travel.” A recent consumer survey corroborated this trend, suggesting that travel is an area in which people expect to indulge. However, others are more cautious—like president and CEO of the Leading Hotels of the World, Ltd. Ted Teng—expecting that the current difficult business environment will persist through 2010.
While all indications are that affluent travelers will indeed return eventually, what they will be hoping to find in the hotels and resorts they visit will have morphed in a number of subtle ways. Shifting perceptions about luxury will account for changes that we will see in high-end hospitality.
The changing nature of luxury
What sets apart the most recent financial crisis is its widespread and possibly lasting influence that seems to be occurring at every level—from surface to soul. Sonu Shivdasani, chairman and CEO of Six Senses Resorts & Spas, describes the genesis of the company’s “Intelligent Luxury” initiative: “I believe that this financial crisis has been a catalyst for a more general movement of change that is about reconsidering our values and our priorities, and changing the way we do things.”
To the extent that conspicuous consumption and ostentatious décor might be considered bad form in a global recession—where so many people and businesses have been hard hit—design aesthetics will be tamped down in new and recently renovated properties, thereby changing the look and reconsidering the definition of luxury.
Nevertheless, Mandarin Oriental Group chief executive Edouard Ettedgui believes that, “Whether in boom times or recession, the ability to provide exceptional and consistent quality facilities and service will remain the focus for each of our operating hotels.”
Others agree about the need to stay focused. Teng, of The Leading Hotels of the World, believes that some brands in the luxury sector will actually benefit from the shift in the marketplace … but not by slashing rates, amenities and staff. “The key to success is to remain focused on the organization’s values and be able to deliver on the brand promise, despite market conditions.”
While luxury conjures images of excess and indulgence, Isadore Sharp, founder, chairman and CEO of Four Seasons Hotels and Resorts, views it as something that goes deeper than aesthetics: “For our guests and clients, luxury is about making the most of their precious time. It’s about feeling welcomed and recognized. It’s about not having to worry about a thing.”
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