Watchmaker Movado announced it will close 26 of its 27 boutiques to save costs, keeping open only its flagship in Rockefeller Center.
Each Movado boutique, about 2,200 square feet each, showcase not only watches, but fine jewelry, and other accessories. However, the spectacular arrays never paid off. In fact, they “have never been profitable,” said Rick Cote, President and COO.
The boutiques were costing the company $10 million a year. Closing shop (well, shops) will allow the company focus on selling its merch wholesale, and immediately ease the pressure on their bottom line.
The good news? Movado's 31 outlets will remain open for business.