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Signet Plans to Close 200 Stores

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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.

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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.

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Orin Mazzoni, Jr., the owner of Orin Jewelers in Garden City and Northville, Michigan, decided it was time to downsize. With two locations and an eye on the future, Mazzoni asked Wilkerson to take the lead on closing the Garden City store. Mazzoni met Wilkerson’s Rick Hayes some years back, he says, and once he made up his mind to consolidate, he and Hayes “set up a timeline” for the sale. Despite the pandemic, Mazzoni says the everything went smoothly. “Many days, we had lines of people waiting to get in,” he says, adding that Wilkerson’s professionalism made it all worthwhile. “Whenever you do an event like this, you think, ‘I’ve been doing this my whole life. Do I really need to pay someone to do it for me?’ But then I realized, these guys are the pros and we need to move forward with them.”

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