Women’s Wear Daily
04.16.2014
real-estate
real-estate

Tiffany Sets Site for Smaller Concept Launch

Tiffany & Co. is gearing up to open the first of its smaller concept stores.

real-estate/news
Rings from the Tiffany Celebration collection will be offered at the companys new stores

Rings from the Tiffany Celebration collection will be offered at the company's new stores.

Photo By Richard Pierce

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.

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.
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