Malls hinder sales for Kay, Zales, Jared brand owner
Signet Jewelers, owner of Kay, Zales, and Jared, is looking to drop out of malls: it's going to close between 165 - 170 stores this year and is aiming to open 90 - 115 stores elsewhere. Signet is the largest specialty retail jeweler in the U.S., U.K., and Canada.
Breaking it down: This adds to retailers' continued exodus from malls as they eye locations with better traffic to boost sales.
Another move to boost business: Signet is outsourcing its credit portfolio, which allows customers to make purchases, for a few reasons: "eliminating material credit risk...enhancing net sales...minimizing any disruption to business," according to the earnings conference call. Last year in-house credit sales dropped by 12.6%.