There are many rewards programs built around encouraging people to accumulate points with purchases that can only be put towards more physical items, but not Holt Renfrew's Icon Privileges.
For many luxury brands, it's more important to keep the biggest spending customers loyal by giving them exclusive retail experiences rather than pushing product. The same thinking is applied to the retailer's Icon Privileges program, which rewards shopperss with a Select or Front Row Status membership based on how much they spend. Rather than converting a shopper's loyalty to points, this system rewards customers with cocktail parties, lunches with designers, as well as exclusive in-store services and products.
The SVP of marketing and customer experience at Holt Renfrew Alison Simpson sums it up best by saying: "Experience is ultimately everything to us, so it’s not about racking up points."