March 30, 1999
Mayor's to Compete with Tiffany
Jan Bell Marketing, the parent company of Mayor's Jewelers, will expand the upscale jewelry chain in an effort to compete with Tiffany & Co. as a national luxury jewelry brand.
The company, based in Sunrise, FL, is closing small Mayor's stores and plans this year to open new locations in Atlanta, GA, South Miami and Miami Beach, FL, Sarasota, FL, and Tampa, FL. Isaac Arguetty, CEO of Jan Bell, said further openings are due for 2000 in West Palm Beach, FL, Puerto Rico and Georgia, and the company is looking at possible locations in Chicago, Washington, DC, Las Vegas and Texas.
Arguetty told stock analysts in a conference call this week that the average sale at Mayor's is more than $1,000, while it's only $250 at Tiffany, which sells many small gifts. This means transforming Mayor's into a recognizable national luxury retailer is a viable goal, he said.
He also said that the company's new Web site, janbell.com, may later this year expand into an Internet venue for selling estate jewelry.
- by Stacey King