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TechnologyApr 06, 2016
Michael C. Fina Shutters Store, Goes Online Only
The 81-year-old New York City jeweler will close its doors on April 16, after which it will only operate digitally.
The brick-and-mortar Michael C. Fina store, located on Park Avenue in Manhattan, will close for good on April 16.
New York--A New York City jeweler that opened its doors in 1935 soon will say goodbye to its physical location as it moves to an online-only operation.
Michael C. Fina, which has been on Park Avenue in Manhattan for eight decades, will close up shop on April 16, after which it will have an Internet presence only.
According to President and Chief Merchant Steven Fina, the move made sense. Eighty-five percent of the company’s sales now come from its website, with jeweler seeing that the majority of its global customer base prefers to shop online.
“Becoming an online-only retailer was a strategic decision to put the majority of our resources to support those customers,” Fina told National Jeweler via email on Tuesday. “We already have a global consumer base, and this transition further enables us to anticipate what our customers need and deliver it to them in the way they want to shop, which is online.”
Fina said that fewer than 20 employees would be impacted by the store’s closing, with most job losses occurring on the sales floor, and that the company would assist in helping them find new position jobs.
Most of Michael C. Fina’s merchants, marketing team, graphic designers and other back-office employees will be keeping their jobs, he added.
Michael C. Fina has been selling online since 1999, making it one of the first retailers to offer an online wedding registry and omnichannel inventory approach, according to the company.
Now, as it relaunches as an online-only company, it will aim to put its high-end jewelry, tableware and home décor products in front of a larger audience than before by partnering with online wedding registry site Zola and Amazon.
Zola now will exclusively power the retailer’s registry, as Michael C. Fina works with Zola to offer a robust selection of more than 50 brands and 1,500 different items from the company’s luxury tableware catalog.
The company also is switching its fulfillment services over to Amazon, allowing it to ship products quicker and save on shipping costs.
Additionally, Michael C. Fina will be one of three inaugural boutiques featured by Amazon as the e-commerce giant relaunches it wedding registry, Fina said. Shoppers visiting the site will find a curated assortment of luxury tableware available at Michael C. Fina, including brands that have never before been offered by Amazon.
The company also said that it
is giving its website a makeover, with the retooled site slated to launch this fall.
Though Fina declined to comment on exactly what that would include, noting that additional information would be made available closer to the launch, the announcement on its website did note that it would make detailed product information readily available and create a “robust” search and filtering functionality to make it easier to find products.
Though Fina declined to comment on exactly what that would include, noting that additional information would be made available closer to the launch, the announcement on its website did note that it would make detailed product information readily available and create a “robust” search and filtering functionality to make it easier to find products.
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