Tiffany & Co.

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Tiffany & Co.
Brian Fenske
December 1, 2010
Retail Management

Table of Contents

I. Table of Contents ………………………………………. Pg. 2 II. History…………………………………………………... Pg. 3 III. Retail Mix ……………………………………….…..... Pg. 3-5 a. Location
b. Pricing
c. Promotional Mix
d. Merchandise Assortment
e. Store Design
IV. Store Visit ………………………………………………. Pg. 5 V. Competitive Advantage……………………………..…... Pg. 6 VI. Financial Performance ………………………………...... Pg. 7 VII. Website …………………………………………………. Pg. 8 VIII. Promotional Activities ………………………………...... Pg. 8 IX. Works Cited ………………………...…………………... Pg. 9

History

Charles Lewis Tiffany and John F. Young first founded Tiffany & Co. in 1837. In 1940 the company moved to its present Fifth Avenue location in New York City. Tiffany heirs sold their shares to Hoving Corporation in 1955. Walter Hoving, chairman and CEO, expanded Tiffany & Co. beyond its New York City store to San Francisco in 1963 and added locations in Beverly Hills and Houston in 1964. In 1999, President and COO Michael Kowalski became CEO and Tiffany opened its first online store.

Retail Mix

Location:
Tiffany & Co. has a store located in the Waterside Shops in Naples, Florida. The shopping center is located at the intersection of US 41 and Pine Ridge Rd. This is a Lifestyle Center for those who make a great income or have money to spend. The other stores that are located in this shopping center are high-end brand name stores i.e. (Louis Vuitton, Burberry, Lacoste, Saks Fifth Ave. and Gucci). All these stores have some pretty price tags on their items.

Pricing:
The pricing of the jewelry and accessories at Tiffany & Co. ranges from under $100 to well over $10,000. This is a pretty wide range in prices but it all depends on what you are shopping for. Of course diamonds are going to raise the price of an item. But the famous tiffany pendants start off at $100, which is very reasonable for jewelry from the famous Tiffany & Co. store.

Promotional Mix:
Tiffany & Co really relies on its sales people to create a memorable experience with every customer that walks through the doors. Just as if you were walking into the flagship store in NYC, but you’re actually in Naples, Florida. As well as the atmosphere of the store, which gives off a sophisticated and luxurious feel to the customers. Tiffany’s has made its stores more inviting to everyone rather than singling people out. Tiffany’s is known for their trademarked light blue/teal color little box, tissue and bag ensemble that every guests receives with a purchase since the first store opened in 1837 in New York City. Tiffany’s tries to create an emotional attachment between the consumer and the blue box, inviting the customer to live the lifestyle the blue box advertises through the consumption of Tiffany products. Just that alone is advertising for the company by onlookers seeing those bags walking on by or on a customers dresser and their friends and family see it while over at the house visiting. Due to the powerful image of its blue box, Tiffany spends only 6 percent of revenues on advertising. Tiffany & Co. has always been in the TV and film spotlight as well. They have product placement as well as the stores locations itself in lots of films. Some of these films are Breakfast at Tiffany’s as well as Sweet Home Alabama. They can also be seen in Magazines such as Vanity Fair with simplistic ads featuring what else but the little blue Tiffany & Co. box. The company has a very interactive fun and easy to shop website which gives you the prices of the items. Merchandise Assortment:

Tiffany’s has a wide assortment of luxury merchandise, which is divided to fit woman and men’s interests. Below I have included a list of these available items: Women’s:
* Engagement Rings
* Jewelry
* Bracelets
* Brooches
* Charms
* Earrings
*...
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