Consumers Visiting Reopened Stores ‘With the Thought of Buying,’ Says Movado CEO
Movado has reopened 14 of its 47 company-owned stores in North America and expects 41 to be open by June 17, said CEO Efraim Grinberg on a fiscal Q1 call Tuesday. The quarter ended April 30. Sales at the 14…
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reopened stores are down 10.6% from a year earlier, which is better performance than Movado expected, he said. “We’re seeing that consumers like to shop and they’re coming to our stores,” he said. “While traffic is generally down about 40% in those stores, we’re seeing higher conversion rates and higher average transactions. When people are going into stores, they’re really going with the thought of buying.” The company also made executive moves (see personals section, this issue).