Jared Jewelry another first for Warwick Mall and Rhode Island
Rhode Island Costume at the Warwick Mall, a favorite at Halloween and for special events, will be coming down and a new store will take its place.
Next Tuesday, the Warwick Zoning Board of Review is scheduled to review the proposal of Jared the Galleria of Jewelry to erect a freestanding, 6,000-square-foot store on Route 5. It would become Rhode Island’s first Jared, a division of Sterling Jewelers Inc. headquartered in Akron, Ohio, that operates 203 stores in 39 states as of the first of this year.
RI Costume has been closed for several months, and most recently was used as a storage and construction area for the remodeling of Victoria’s Secret in the mall.
Aram Garabedian, co-managing partner of the Warwick Mall, said yesterday Jared would further diversify the shopping experience of the Warwick Mall shopper.
“It will bring more variety and choice and the customer comes out ahead,” he said.
Garabedian said “variety” is one of five tenets of operating a mall. He listed the other four as security, convenience, pricing and service.
Jared would join Nordstrom Rack, Not Your Average Joe’s and Buffalo Wild Wings as relatively new tenants and Rhode Island firsts to the mall property. It’s a process that hasn’t gone unnoticed.
“Jared’s decision to establish its first Rhode Island location in the city of Warwick speaks to the ongoing revitalization and growth of the Warwick Mall and Aram Garabedian’s continued efforts to bring new and diverse businesses to the mall complex. Jared’s will be a great addition to our thriving retail economy, add jobs and enhance ongoing economic development along the Route 2 corridor. I look forward to welcoming them to our city,” Mayor Scott Avedisian said.
According to the Jared website, the first Jared store opened in 1993, and since its rollout began in 1998 it has grown to become the fourth largest U.S. specialty retail jewelry brand by sales.
Jared’s target customer has a household income ranging from $50,000 to $150,000. According to the company, Jared accounted for 25 percent of Signet’s sales in fiscal year 2014 with sales of $1.1 billion and average sales per store of $5.3 million.
Jared locations are normally freestanding sites with high visibility and traffic flow, positioned close to major roads within shopping developments. Jared stores operate in retail centers that normally contain strong retail co-tenants.
“Since its inception more than 20 years ago, Jared’s has shown a demonstrated commitment not only to providing exceptional services and products to its customers, but to offering support of a variety of charitable causes,” the mayor said.