Coldwater Creek Inc. (Sandpoint, Idaho) has announced plans to increase its 2005 retail store expansion plans by 20 percent, and now plans to open approximately 60 new full-line stores in 2005. The company previously had said it would open approximately 50 stores next year.
“We believe there is a unique opportunity for our brand to gain market share by putting new stores in additional markets during the coming year,” said chairman and ceo Dennis Pence. “Our retail team is on track to add a total of 48 stores this year, and their execution for these openings has been outstanding. Given that successful performance, we believe increasing our store openings for 2005 is the right direction for the company.”
The core stores average approximately 5500 square feet, while the smaller model measures approximately 3500 square feet. “Using these two formats, we have been very effective in our efforts to build the Coldwater Creek brand in both mall and lifestyle center settings,” said Dan Griesemer, the upscale apparel chain’s executive vp of retail stores. “As part of our strategic shift toward a retail store business model, we believe there is an opportunity to grow to 450-500 stores.”