Tiffany & Co. (New York) has announced plans to open the first of its smaller concept stores.
A 2600-square-foot unit will open in October in the Americana at Brand, a new retail and residential development in Glendale, Calif.
Last fall, the jewelry retailer announced a rollout of 70 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. The average full-size Tiffany store is about 7100 square feet.
Women’s Wear Daily reported that Tiffany chairman and ceo Michael Kowalski projected the stores would bring in $1,000 a square foot. The average Tiffany store generates $2300 a square foot in sales and the 40,000-square-foot Fifth Avenue flagship in New York draws $6200 a square foot.
The new concept “is simply a new way of looking at Tiffany and the Americana at Brand is an ideal location to unveil it,” said Tiffany executive vp Beth Canavan.
The Americana at Brand, scheduled to open May 2, 2008, will have 900,000 square feet of retail and residential space over 15.5 acres. Among the retailers, according to the Los Angeles Times, will be Chico's, Juicy Couture, Anthropologie, Kate Spade and Barnes & Noble.