Pandora plans 10 new UK stores in 2023
Physical retail is here to stay, despite what people thought just a couple of years ago. That’s especially the case in the jewellery sector and the specific view of Pandora.
And mid-priced global chain is to add up to 10 new stores in the UK and Republic of Ireland, mostly in the next 12 months, as part of a wider global rollout. That will take its UK portfolio to 240 stores.
London will be a specific target, according to Rasmus Brix, Managing Director for the UK and Ireland, who said four new stores will open this year, with more expected in 2024. One of the locations will be a flagship at 70-88 Oxford Street, due to open this summer in a space owned by GPE that we reported on last month.
Brix noted that “Greater London… is one of the places we’re less penetrated and so we’ll be doing a cautious expansion.”
The planned openings in Britain and Ireland are part of a wider international expansion plan for the retailer, which boasted 2,540 stores globally at the end of 2022, two-thirds operated by Pandora, with a third franchised.
It said it’s targeting prime retail locations that have become available due to the weak economy and expects to add 50-100 store openings globally over the next year.
The expansion comes on the back of Pandora’s “resilient growth” in its Q4 and full-year results, which included sales of DKK9.9 billion (£1.18 billion) in Q4, surpassing analysts’ expectations.
It’s also hoping to boost sales further by planning to expand its lab-made diamond product range due to increasing customer demand.
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