There is A LOT of money here in Charlotte and they all spend well so I don't think it will be a learning curve (for the elite). But for the rest of the market, it will be. You're right though... people used to shopping at Belk and even Nordstrom will be a little taken back at the price at first but I think in time, will warm up to it. I'm not saying they will jump ship on Belk and Nordstroms and only shop at NM, but over time the percentage spent at NM compared to the others will grow.
Take a look at Hermes. Their market research (taken from internet sales and sales from the Atlanta and Washington DC) showed a HUGE client base in the Carolinas and even into eastern Tennessee. And we aren't just talking scraves and ties... ready to wear, L'Art de Vivre, and L'Art de la'Table and did VERY well. But, will it be a slow start? Yes, because it is a small percentage of the client base that doens't have to worry about dropping 4-7k on a suit, or 13k on a handbag. For the rest of the potential client base, it will take time, just like NM. But, there is a client base here that cannot wait for the store to open and have already tried to pre-order items.
I would say give both (or any high end retailer) 5 years and you will see some VERY successful stores.