Signet Jewelers plans to close more than 150 stores in fiscal 2020, though the total will be offset by20 to 25 openings, primarily consisting of repositionings to off-mall locations. Signet, the parent company of Kay Jewelers, Zales, Jared The Galleria Of Jewelry and Piercing Pagoda, also closed 262 stores in fiscal 2019.
The closures are part of the company’s “Path to Brilliance” initiative, which aims to create a foundation for future growth through an optimized store footprint and a larger e-Commerce presence. Other elements of the plan include:
- Reinvigorating product assortments with more exclusive offerings and customization;
- Increasing targeted messaging and promotional effectiveness;
- Updating e-Commerce and mobile technology; and
- Enhancing in-store services such as repairs and piercings.
The Path to Brilliance delivered $85 million in net cost savings during fiscal 2019, and the company reported a net 1.4% sales increase. The company’s overall performance was hurt by a slow holiday season and continued consumer weakness in the UK.