Week 7 - Retailing

Tiffany & Co. is an independent retailer. Company's retail sales consist of sales transacted in Tiffany & Co. stores, internet and catalog sales. Tiffany distributes catalogs of selected merchandise to its proprietary list of customers and to mailings lists. Selected Tiffany & Co. merchandise is sold to independent distributors for resale in markets in the Central/South American, Caribbean and Canadian regions, Russia and Asia-Pacific markets.     
In 2008, Tiffany opened a new store in the United States that offers a selected product assortment which excludes engagement and high-end jewelry. Management anticipates that Tiffany will open additional locations in this smaller format, while continuing to open full assortment stores as well. The selection allows the store to concentrate high-margin products in a smaller space. Management also believes that this new format will be highly efficient and will give the company the opportunity to open stores in smaller U.S. cities and to better serve larger markets where the company already operates full assortments stores.                                           

Operating by its mission statement to be the world's most respected retailer, Tiffany focuses heavily on customer service. New employees complete six to eight weeks of training in knowledge, skills and product training. They must also pass a written test before they are allowed to meet with customers. Once in the field, sales representatives work for two years to complete a certification process.