Connect with us

Headlines

Signet Plans to Close 200 Stores

mm

Published

on

It will also open 35-40 stores.

Signet Jewelers Ltd. plans to shutter about 200 stores by the end of fiscal 2019 as it seeks to decrease its mall presence and optimize its real estate footprint.

The company (NYSE: SIG) said that about three-quarters of stores that will close are within the same mall as another Signet banner. As a result, it expects 30 percent of revenue from closed stores to transfer to remaining Signet stores.

At the same time, Signet said it plan to open 35-40 stores.

MarketWatch CEO Gina Drosos said the stores “will be focused on already-proven off-mall formats and desirable markets.”

At present, Signet, parent of Sterling Jewelers, which operates Jared the Galleria of Jewelry, Kay Jewelers and Zales, has about 3,500 stores. It said it’s looking to increase store productivity.  

“Efforts include development and implementation of innovative store concepts to improve the in-store shopping experience, execution of opportunistic store relocations and store closures to reduce the Company’s mall-based exposure and exiting regional brands,” the company stated.

Advertisement

The company also said it will reduce costs related to logistics, information technology, third-party contracts and corporate expenses.  It will reinvest savings into growth initiatives, including e-commerce, OmniChannel capabilities, and innovation in product assortment and store experience.

Advertisement

SPONSORED VIDEO

Thinking of Liquidating? Think: Wilkerson

When Peter Reines, owner of Reines Jewelers in Charlottesville, VA, decided it was time to turn over the “reins” of his 45-year-old business to Jessica and Kevin Rogers, he chose Wilkerson to run his liquidation sale. It was, he says, the best way to maximize the return on his decades-long investment in fine jewelry. Now, with new owners at the helm, Reines can relax knowing that the sale was a success, and his new life is financially secure. And he’s glad he partnered with Wilkerson for this once-in-a-lifetime opportunity. “There’s just no way one person or company could run a sale the way we did,” he says.

Promoted Headlines

Most Popular