Connect with us

Headlines

Jewelry Chain Plans No More Stores in ‘Challenging’ US Market for Now

mm

Published

on

It’s currently has 9 locations here.

Australia-based Michael Hill International Ltd. is finding the U.S. market to be “a more challenging market with a new set of dynamics,” the company’s chairwoman said.

As a result, Michael Hill has no immediate plans to open more stores here. The first Michael Hill stores opened in the U.S. in September 2008, and there are now nine. The company’s website lists stores in Illinois, Ohio, Minnesota and New York.

“We are not prepared to expand our foot print in the market until we are confident we have the right operating model, product range and brand positioning to enable us to excel,” Chairwoman Emma Hill said at the company’s annual meeting.

Michael Hill’s U.S. same-store sales were down 8.5 percent in the year ending June 30, according to the company’s annual report.

“Winning in the US, the most competitive jewellery market in the world was never going to be easy. The prize however, if we get it right, is significant,” Hill said in a letter shareholders included in the report. “The Board will continue to monitor our US business as management refine the business model and improve financial performance over the next 24 months.”

There are 332 Michael Hill and Emma & Roe stores in Australia, New Zealand, Canada and the U.S.

Advertisement

Read the transcript

Advertisement

SPONSORED VIDEO

Celebrate Your Retirement with Wilkerson

For nearly three decades, Suzanne and Tom Arnold ran a successful business at Facets Fine Jewelry in Arlington, Va. But the time came when the Arnolds wanted to do some of the things you put off while you’ve got a business to run. “We decided it was time to retire,” says Suzanne, who claims the couple knew how to open a store, how to run a store but “didn’t know how to close a store.” So, they hired Wilkerson to do it for them. When she called, Suzanne says Wilkerson offered every option for the sale she could have hoped for. Better still, “the sale exceeded our financial goals like crazy,” she says. And customers came, not only to take advantage of the going-out-of-business buys and mark-downs, but to wish a bon voyage to the beloved proprietors of a neighborhood institution. “People were celebrating our retirement, and that was so special,” says says.

Promoted Headlines

Most Popular