US Real Estate
| Number of stores | Fiscal 2010 Planned | Fiscal 2009 | Fiscal 2008 | Fiscal 2007 (1) |
|---|---|---|---|---|
| Total opened during the year | c.15 | 77 | 108 | 104 |
| Kay | c.6 | 57(2) | 68 | 58 |
| Jared | c.8 | 17 | 19 | 25 |
| Regional brands | c.1 | 3 | 21 | 21 |
| Total closed during the year | c.(75) | (75) | (17) | (17) |
| Kay | c.(18) | (25) | (6) | (7) |
| Jared | - | - | - | - |
| Regional brands | c.(57) | 1,401 | 1,399 | 1,308 |
| Total open at the end of the year | c.1,342 | 1,308 | 1,221 | 81 |
| Kay | c.914 | 926 | 894 | 832 |
| Jared | c.179 | 171 | 154 | 135 |
| Regional brands | c.248 | 304 | 351 | 341 |
| Average sales per store in thousands(3) | $1,788 | $1,996 | $2,089 | |
| Kay | $1,536 | $1,710 | $1,815 | |
| Jared | $4,491 | $5,341 | $5,676 | |
| Regional brands | $1,160 | $1,344 | $1,517 | |
| (Decrease)/increase in net new store space | (1)% | 4% | 10% | 11% |
| Percentage (decrease)/increase in same store sales | (9.7)% | (1.7)% | 6.2% |
(1) 53 week year.
(2) Includes 14 regional stores rebranded as Kay.
(3) Based only upon stores operated for the full financial year.
Given the deteriorating environment, and the Group’s strict investment criteria, action was taken in early fiscal 2009 to sharply slow the rate of net store space growth. This was achieved by reducing the number of stores opened and increasing store closures as leases expired, see table above. Net store space in fiscal 2009 increased by a little under 4% (fiscal 2008: 10%), see table on page 41 for details. Capital expenditure in new and existing stores was $56 million (fiscal 2008: $88 million). Working capital investment, that is inventory and receivables, associated with space growth was $67 million (fiscal 2008: $119 million). In fiscal 2010 capital expenditure in new and existing stores is planned to be about $23 million, with about $29 million of working capital investment associated with additional space.
Recent and planned investment in the store portfolio is set out below:
| Fiscal 2010 Planned | Fiscal 2009 | Fiscal 2008 | Fiscal 2007(1) | |
New store fixed capital investment | c.15 | 39.0 | 60.1 | 57.3 |
Other store fixed capital investment | c.8 | 17.3 | 28.0 | 29.9 |
Total store fixed capital investment | c.23 | 56.3 | 88.1 | 87.2 |
Working capital investment in new stores | c.29 | 66.5 | 118.8 | 119.4 |
(1) 53 week year