This excerpt taken from the CWTR 8-K filed Nov 9, 2005.
retail stores averaging 5,500 square feet during fiscal 2006
SANDPOINT, Idaho Coldwater Creek (Nasdaq: CWTR), the national retailer of womens apparel, jewelry, accessories and gifts, today announced it has increased its 2006 retail store expansion and now plans to open approximately 65 new full-line stores in 2006. The company previously had said it planned to open approximately 60 stores next year.
The effective execution of our retail expansion strategy this fiscal year, combined with continued favorable response to our retail store concept, points to what we believe is a strong opportunity to gain market share by putting additional stores in key national markets in 2006, said Coldwater Creek Chairman and Chief Executive Officer Dennis Pence. Our retail team is solidly on track to add a total of 60 stores this year, for a total of 174 locations in operation by the holiday selling season. Based on our current plan, we now expect to have 239 stores in operation before Thanksgiving 2006.
Executive Vice President of Sales & Marketing Dan Griesemer said locations have been confirmed and approved for next year and the company currently is reviewing locations for 2007. The Coldwater Creek stores planned for 2006 will be approximately 500 square feet larger than previously planned and will now average 5,500 square feet, he added.
Weve learned from positive experience that our unique mix of apparel, accessories and hard goods lends itself to a slightly larger store footprint and also supports our efforts to build brand awareness in both malls and lifestyle centers, Griesemer said. More than half of our overall business now comes from retail stores and we believe there is an opportunity to build to a total of 450-500 stores over the next several years.
Coldwater Creek is an integrated triple-sales-channel retailer of womens apparel, jewelry, gifts and accessories through a growing number of full-line retail stores located across the United States, an e-commerce web site at www.coldwatercreek.com and direct-mail catalogs.