Coldwater Creek Ups Expansion

The description of the "unique opportunity" comes from Coldwaterchairman and CEO Dennis Pence, who says that in addition to thenew stores planned for this year, the company will have added 48new stores in 2004 by the time this year ends. The expansion hasbeen headed by Dan Griesemer, EVP of retail stores, who notes thatthe expansion includes both "core" and "smaller" store formats. Thecore stores average approximately 5,500 sf while the smaller modelmeasures approximately 3,500 sf.

Griesemer says that operating in the two different formats provides the company with more flexibility in establishing locations in different types of shopping venues, including "both mall and lifestyle center settings," he says. He estimates Coldwater Creek, which began as a catalog company in 1984 and has been focusing on building its retail store base for the past four years, could grow to 450 to 500 retail stores. It now operates approximately 90 retail stores, two resort stores and 18 outlet stores in 69 markets.

The company's retail store business now represents about 55% of its total sales and is "the key driver of our growth strategy," it says. Besides clothing, the publicly held company sells jewelry, accessories and gift items at its retail stores as well as on the Internet and through its catalog operation. It targets women between the ages of 35 and 60, with household incomes in excess of $75,000.