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Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
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Saks Continues Expansion Efforts, Plans Concept Stores
In addition to opening new full-line stores across the country, Saks has announced that it will open single-focus concept stores, including one for jewelry and women’s clothing in Greenwich, Conn.
New York--Despite a challenging retail economy that has many stores closing down or re-evaluating strategy, Saks Fifth Avenue continues to announce new locations and planned expansions.
The retailer, which is owned by Hudson’s Bay Company, has plans to open a number of new stores across the country, which includes full-line and the Saks Off Fifth off-price stores as well as a new initiative for concept stores.
In the fall, the company announced that it would open a 21,000-square-foot store in Greenwich, Conn. for just jewelry and contemporary women’s ready-to-wear.
The store will join a pre-existing stand-alone Saks shoe store and a Saks Fifth Avenue in Greenwich, the latter of which also will receive updates such as an expansion to the women’s clothing section and a private fine jewelry viewing room added to “enrich the overall customer experience.”
The company did not respond to a request asking for more details about the new store by press time.
Along the same lines, the company announced in December that it was planning to open a 16,750-square-foot men’s store in downtown New York City in spring 2017, designed to emphasize experiential shopping for consumers.
In addition to including all product categories, with a focus on modern fashion, the store also will feature special services and amenities like bespoke tailoring and personal shopping programs.
The retailer’s expansion plan also includes the recent announcement that it was moving into the Canadian market for the first time.
The additions and launches for the company are particularly noteworthy a time when many major retailers are closing down underperforming stores as sales lag.
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