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Dive Brief:
- Wayfair’s Perigold brand on Tuesday announced it is opening its first brick-and-mortar store in the fall of 2025, located in West Palm Beach, Florida, according to a company press release.
- The location is the first of several stores the company plans to open next year. Nestled within the CityPlace shopping center in West Palm Beach, its first store will span nearly 30,000 square feet across two floors.
- Its stores will have a curated collection of products from local and national design partners and brands, including Vanguard, Century, Visual Comfort and Stark Rugs, the company said.
Dive Insight:
Perigold is the latest brand under the Wayfair umbrella to announce brick-and-mortar plans.
The company — which in addition to Wayfair and Perigold, also includes AllModern, Joss & Main and Birch Lane — has largely operated online until recently. Wayfair opened its first physical store in 2019 in Natick, Massachusetts, but closed that store about 18 months later. The company in 2021, however, announced plans to re-enter physical retail and open locations for each of its five brands. In addition to the Perigold stores, the company has opened AllModern and Joss & Main locations, as well as its first large-format store under the Wayfair name.
Perigold in its announcement Tuesday said it aims to bring its online shopping experience into the offline world. The company said it plans to host events within its stores and team up with local businesses to “build communities in a new and more personal way.”
“With this expansion, we are excited to increase access to our offering with physical store locations, where consumers and designers alike can see and experience the superior craftsmanship and materials of these amazing products in person,” Rebecca Ginns, global head of Perigold, said in a statement.
The brick-and-mortar expansion comes as the broader home category faces a decline in demand as consumers pull back on discretionary purchases.
After a pandemic-related boost, the home sector has seen months of declining sales, according to monthly retail numbers released from the U.S. Commerce Department’s Census Bureau. In Wayfair’s most recent fiscal year — which it has called the “Year of the Reset” — the company’s net revenue declined 1.8% year over year to $12 billion, with its U.S. revenues inching up 0.2% and international revenues falling over 13%.
via https://www.aiupnow.com
Tatiana Walk-Morris, Khareem Sudlow
