I am not the target market for Restoration Hardware, I mean RH. But I do think it is interesting the way they are evolving their brand. At the beginning of 2021, the company announced a $105 million equity investment in a development project in Aspen, where it is planning a new guesthouse and, more broadly, a new "RH ecosystem" that will include residences, restaurants, a spa, etc. It hasn't opened yet, but RH does now have a guesthouse in New York . To be clear, it is not a hotel:
So what is RH trying to do with all this?
Surface Magazine recently argued that they are trying to become the "public" version of Soho House. That is, a lifestyle omni-brand that isn't membership-based, but that will still make you feel rich and special while you eat, sleep, play, and shop for various things for your home. Now, I do think that their target customers aren't exactly the same person. But of course, I see the parallels. And it's certainly interesting from an experiential retail, brand ecosystem, and real estate development standpoint. It gets the brand everywhere.