baltneu
Shiny_Rock
- Joined
- Feb 28, 2004
- Messages
- 371
This year, Tiffany & Co. plans to open four more Iridesse stores like this one at Tysons Galleria in McLean, Va.
The craving for rings and things is helping results at some of the industry's publicly traded companies. Last week, Tiffany said that sales at stores open at least a year rose a strong 11% in its fiscal first quarter, which ended in April. Zale, the biggest fine jewelry chain in North America, said earlier this week that its same-store sales rose 3.5% for the period ended last month.
Zale typifies some of the industry's recent expansion patterns. This year marks the first since 2001 that the company will increase its store count, says David Sternblitz, the company's treasurer. The chain is slated to open 65 new U.S. stores as well as 50 freestanding Piercing Pagoda stands.
Additionally, Zale has begun eyeing locations outside of traditional malls for both its Zales and Zales Outlet stores. Zale executives estimate that about $10 billion, or a third of the specialty jewelry market's sales, are generated by independent jewelers at off-mall locations. "We feel there's opportunity to capture market share in more of these neighborhood centers," says Mr. Sternblitz.
Last year, Tiffany launched a new retail division called Iridesse, which sells pearl jewelry, opening up stores in malls in McLean, Va., and Short Hills, N.J. Four more Iridesse stores are slated to open this year. Within five years, the company expects to have at least 20 Iridesse stores open.
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