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Tiffany & Co. is gearing up to open the first of its smaller concept stores.
A 2,600-square-foot unit is planned to open in October in the Americana at Brand, a new retail and residential development by Caruso Affiliated, in Glendale, Calif.
This story first appeared in the February 28, 2008 issue of WWD. Subscribe Today.
In October, Tiffany set a rollout of 70 such small-footprint outposts across the U.S. The stores will only sell women’s diamond, platinum, silver and gold jewelry ranging in price from slightly less than $100 to $15,000. The boutiques will not include Tiffany’s higher-priced statement jewelry or engagement rings.
When the concept was revealed, Tiffany chairman and chief executive officer Michael J. Kowalski projected the stores would bring in $1,000 a square foot.
Beth O. Canavan, executive vice president of Tiffany, said Wednesday that the new concept “is simply a new way of looking at Tiffany and the Americana at Brand is an ideal location to unveil it.”
In 2002, Tiffany launched a 5,000-square-foot store concept that also brings in sales of $1,000 a square foot. The company has 23 of these full-line stores and plans to open five to seven of them a year until reaching a total of 100.
The average full-size Tiffany store, of which there are 46, spans about 7,100 square feet and generates $2,300 a square foot in sales. The firm has one U.S. flagship located on New York’s Fifth Avenue that is 40,000 square feet, and in 2006, drew $6,200 a square foot.