US Real Estate
| Fiscal 2011 | Fiscal 2010 | Fiscal 2009 | |
|---|---|---|---|
| Total opened during the year | 6 | 16 | 77 |
| Kay | 4 | 8(1) | 57(1) |
| Jared | 2 | 7 | 17 |
| Regional brands | - | 1 | 3 |
| Total closed during the year | (50) | (56) | (75) |
| Kay | (19) | (11) | (25) |
| Jared | - | - | - |
| Regional brands | (31) | (45)(1) | (50)(1) |
| Total open at the end of the year | 1,317 | 1,361 | 1,401 |
| Kay | 980 | 923 | 926 |
| Jared | 180 | 178 | 171 |
| Regional brands | 229 | 260 | 304 |
| Average sales per store in thousands(2) | $2,028 | $1,802 | $1,776 |
| Kay | $1,713 | $1,570 | $1,525 |
| Jared | $4,638 | $4,029 | $4,473 |
| Regional brands | $1,238 | $1,155 | $1,151 |
| (Decrease)/increase in net new store space | (2)% | (1)% | 4% |
| Percentage increase/(decrease) in same store sales | 8.9% | 0.2% | (9.6)% |
(1) Includes two regional stores rebranded as Kay in Fiscal 2010, and 14 in Fiscal 2009.
(2) Based only upon stores operated for the full fiscal year.
(3) Non-GAAP measure.
Management has strict operating and financial criteria that have to be satisfied before investing in new stores or renewing leases on existing stores. Substantially all the stores operated by Signet in the US are leased. Net store space in Fiscal 2011 decreased by 2% (Fiscal 2010: decrease 1%), see table on page 9 for details. The greatest opportunity for new stores is in locations outside traditional covered regional malls.
Recent and planned investment in the store portfolio is set out below:
| Fiscal 2011 $m | Fiscal 2010 $m | Fiscal 2009 $m | |
| New store fixed capital investment | 3.2 | 10.1 | 39.0 |
| Other store fixed capital investment | 25.6 | 8.1 | 17.3 |
| Total store fixed capital investment | 28.8 | 18.2 | 56.3 |