Ernest Jones is the leading upper-middle market jeweler by number of stores, with an average household income target ranging from £30,000–£50,000. It accounted for 8% of Signet’s sales in Fiscal 2013 with sales of £202.8 million and average sales per store of £1.0 million.
Ernest Jones operated 193 stores as of February 2, 2013. Ernest Jones’s average store selling space is 900 square feet. Ernest Jones has also increasingly focused on larger store formats in regional shopping centers that drive higher traffic as compared to stand alone high street location, so as to offer a wider range of jewelry and prestige watch agencies. The number of Ernest Jones stores in smaller markets has therefore declined as leases expire.
In the upper middle market, Ernest Jones competes with independent specialty retailers and a limited number of other upper middle market chains, the largest three of which had 119, 64 and 37 stores, respectively, at February 2, 2013.
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