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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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When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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