Kay, Zales, and Jared are planning to move away from shopping malls. Each of these jewelry outfits is owned by Signet Jewelers.
. This latest report notes that the company closed 262 stores in fiscal year 2019, and the upcoming closures are part of its plan to"strategically reduce and reposition its real estate footprint to increase store productivity.""We are highly focused on sales retention," the Signet spokesperson said."This is enabled by the fact that approximately 75% of the stores we are closing are in malls with another Signet banner store, often across the hall.
In other words, this retailer is practically fleeing the mall. This news comes as shopping malls across the US continue to sputter andSignet reported that it's hoping to save between $200 million and $225 million as part of its transformational"path to brilliance" plan. But that sum doesn't include the savings from store closings and the company's new anti-shopping mall drive.
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