Luxury market news has been focusing so much on emerging areas like China, India and Brazil of late, that the west has been neglected a little bit. But not for long. Luxury retailer Tiffany & Co. has set its sights on the city of Calgary in Canada. On Wednesday, Tiffany opened the doors to its first Calgary store in the Chinook Centre. This will bring Tiffany’s Canada store tally to four. The luxury brand currently owns two stores in Toronto and one in Vancouver.
Andrea Hopson, vice-president Canada for Tiffany & Co. was pleased as punch. She described Calgary as “one of the most critical and important markets in the country”. What attracted the luxury retailer to Calgary is the young, luxury loving population. And Tiffany is not alone in wanting to tap this market. Economically speaking, this is a terrific location for a Tiffany store, and customers will be treated to a wide range of jewelry ranging in price from about $100 to a $1 million rare internally flawless, five-carat, D-color diamond solitaire Lucida engagement ring.
The new Tiffany & Co. store stands within an extended wing of the Chinook Centre. It should prove instrumental in attracting other big luxury brands to set up shop here. Terry Napper, the general manager of the Chinook Centre, admitted, “Opening Tiffany’s is like going to another level in retail…” He is now expecting other big brands to make a beeline for the Chinook Centre, now that a free-standing Tiffany’s outlet stands there.
The new store covers a generous 4,100 square feet and bears familiar symbols from the brand’s famous Fifth Avenue store. The interiors befit a fine jewelry store. Warm neutral shades, pale grey wood paneling, stainless steel framed showcases, and cozy jewelry salons create a wonderfully indulgent shopping atmosphere.
With the new freestanding store, Tiffany will be looking to expand quickly in Canada. The brand may have opened its first Canadian store in Toronto in 1991, but the second (in 2006, Vancouver) took a long time coming. But now, higher income levels in the country are prodding luxury brands to tap this growing market. According to the Conference Board of Canada, the disposable income per capita in Calgary will be $42,831 this year, and should rise to $48,455 by 2015.
Michael Kehoe, an Alberta-based retail specialist with Fairfield Commercial Real Estate Inc., said that Tiffany’s arrival on the Calgary scene is being “seen as a vote of confidence in the local economy”. Kehoe also predicted that Tiffany’s new store at Chinook Centre could prod other luxury brands of similar stature like Louis Vuitton, Prada, Chanel, Cartier and others to flock to the area. As it is luxury brands tend to cluster together, all the better to attract high-end customers.
Calgary is currently the capital of Canada’s energy sector, which makes it a great location for high-end brands to head here. Calgary locals (those with sufficient disposable income) would certainly be rejoicing at the idea of having a Tiffany & Co. outlet in their very backyard. It certainly suggests that the Calgary markets have come of age.
Via: Calgary Herald