Williams-Sonoma Boosts Store Count With West Elm Albany
Zacks Investment Research | Oct 03, 2017 09:13PM ET
Williams-Sonoma, Inc.’s (NYSE:WSM) West Elm brand announced the opening of a store in Albany, New York, on Oct 5.
With the potential to generate approximately 30 jobs in the Capital Region, the West Elm Albany store plans to offer a range of local products from 11 makers and designers. The store will also display an array of the brand’s collection of holiday home furnishings and décor.
Furthermore, West Elm Albany will offer a consultation program, Design Crew, to encourage interaction between customers and experts providing designs, installation and registry services. Aligning the brand’s requirement with a strategy of product regionalization, the company has been driving demand and gaining market share across channels. Collaboration with celebrated brands and designers is an advantage for the company.
Williams-Sonoma offers premium quality products and owns some of the most popular brands in home furnishing, namely Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen Rejuvenation and Mark and Graham. These brands are exclusively designed to meet changing preferences of customers.
Notably, the company’s West Elm brand offers personalized products designed by its team of artists and designers. The company’s Retail segment reported net revenue of $471 million in the second quarter, up 2.1% year over year, primarily driven by West Elm and Pottery Barn. The upside reflects continued success of the company’s retail initiatives, including in-home design services and store remodels.
However, Williams-Sonoma has been reporting soft comparable brand revenues for quite some time now. The rate of increase of comparable brand revenues has decreased significantly from 8.8% in 2013 and 7.1% in 2014 to 3.7% in 2015 and 0.7% in 2016.
In order to put a check on the decline in comparable brand revenues, William-Sonoma has been reworking on its marketing strategy, emphasizing more on digital targeted marketing, investing in remodeling of stores, and liquidating less-productive stock keeping units from its inventory through retail outlets.
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