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Zale Corporation is the largest operator of retail jewelry stores in the United States. Zale operates more than 2, retail locations — stores and mall kiosks — located in all 50 states, as well as in Puerto Rico and Canada.
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Covering the full range of consumer markets, Zale stores operate within several distinct divisions: Zales Jewelers, with about stores across the United States and in Puerto Ricofocuses on mainstream, middle-income consumers, specializes heavily in diamonds, and has extensions in the form of two other divisions, Zales Outlet and the online shopping site zales.
Piercing Pagoda, another company division, is the largest kiosk-based retailer of gold jewelry in the United Stateswith more than locations throughout the country offering popular-priced merchandise, mainly for teens.
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Overall, wedding-related jewelry regularly accounts for between 35 and 40 percent of annual revenues at Zale Corporation. Morris B. Zale, born in Russia but raised in Texas, opened his first jewelry store in Wichita Falls, Texas, in Two years later, Zale opened a second Texas store and was joined by childhood friend, and brother-in-law, Ben Lipshy.
From the beginning, Zale stores offered credit, with payments typically spread out over 12 months, even to its low-income customers. It leased its first locations, a practice that placed pressure on the company, grown to three stores at the beginning of the s, when the company was stuck with long-term leases fixed at high, pre-Depression rents.
Despite the Depression, however, the company continued to expand through the decade, opening a fourth store in Amarillo inand growing to 12 locations in Texas and Oklahoma by Zale avoided building long-term debt by paying modest salaries and dividends to himself, Lipshy, and other family members joining the company; instead, earnings were reinvested in the company.
The devotion of raw materials to the war effort during this period led to a scarcity of most consumer items; jewelry, with limited strategic value, drew consumer interest.
By then, Zale had begun to operate as a big company, rather than as a collection of stores.
InZale opened a buying office in New Yorkwhich allowed the company to purchase diamonds and watches in quantity at wholesale prices.
As the company grew to 19 stores inZale set up a central design, display, and printing operation in Dallas to service its chain.
Company headquarters were also moved to Dallas in The postwar boom in consumer spending brought a new period of growth to Zale, which added more than 50 stores between andthe year in which the company went public.
Much of this growth came through the acquisition of existing stores; stores marketing to high-end consumers generally kept their original names.
Diamonds formed the largest part of company sales, with diamond rings, other diamond jewelry, and diamond watches providing about 38 percent of revenues; costume jewelry and watches added to sales, while the company also sold electric appliances, silverware, dinnerware, luggage, cameras, eyeglasses, and other items.
Zale, because of its integrated operations, including cutting, polishing, and setting operations in New Yorkand its ability to market the full scale of diamonds from the smallest to the largest, most expensive diamonds, became the only U.
Operating manufacturing plants in New York, Tel Avivand Puerto Ricothe company also operated a wholesale division, selling to other jewelry retailers.
ByZale found itself with a surplus of cash. Its business was tied up in its jewelry store operations, and the development of the first synthetic diamonds, at the time viewed as a potential replacement for real diamonds in the retail jewelry trade, frightened the company into diversifying its product base.
The company decided to move into the broader retailing field, purchasing the Texas-based Skillern drugstore chain.
This acquisition was followed by forays into budget fashion apparel, sporting goods, shoes, furniture, and a chain of airport-based tobacco and newsstand concessions.
Trouble began to brew for Zale in the mids.
At the beginning of the decade, Zale abruptly began selling off its non-jewelry retail operations. By then, also, the synthetic diamond scare had passed — these found industrial applications, but could not be successfully developed for retail sales, partly because of consumer insistence on purchasing real diamonds.
In the space of a few weeks at the end ofZale sold off the Skillern chain to Reveo, Inc. Wilson catalog showroom division, the company had come back to its core jewelry business.
Jewelry sales slumped across the industry during the recession of the early s. Worse, gold and diamond values, which had traditionally seen steady appreciation, began to fluctuate wildly.
The company struggled to maintain its share of the jewelry market, while facing increasing competition from department stores. Zale, which had perennially relied on sales of wedding rings for its chief source of revenues, had fallen behind the times — particularly with the decline in marriages since the s.
Meanwhile, it saw customers departing for the larger assortments of jewelry, and especially gold jewelry, available elsewhere. Zale Corporation advances its leadership position in the marketplace by pursuing an aggressive growth strategy in all facets of the business.
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Spirited by the strong foundation we have built in recent years, our commitment to excellence ensures Zale of a brilliant future.
Breaking the hold of former management, who were still largely loyal to M.
By that time, Zale had already rejected an attempt at a takeover by Peoples Jewellers of Canada. Peoples, led by Irving Gerstein, was looking to expand beyond its Canadian base.
The Zale family refused to sell. Gerstein next met with the Swarovski company, makers of crystal and jewelry, which agreed to back Peoples in its next takeover effort.
The Zale family, under pressure from its own investment company, at last gave in and agreed to sell the company.
By the end of that year, Peoples and Swarovski, each with 50 percent ownership, took Zale private. Three years later, Zale verged on collapse.
Zale attempted to restructure the company, announcing the closing of stores and a reduction of its headquarters, but its creditors began threatening to force the company into bankruptcy.
By the end of JanuaryZale joined the growing list of failing jewelry companies and petitioned for voluntary bankruptcy.
When Zale emerged from Chapter 11 in as an independent, publicly traded company Peoples also went into bankruptcy and lost control of Zaleits debt was settled and it had fewer stores.
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The key products were promoted heavily in advertising, and each store began keeping a generous supply of the items to make sure customers could always find them in stock.
DiNicola also brought to Zale a newfound focus on tying promotions to the various gift-giving and high-traffic holiday periods that occur throughout the year, rather than depending so heavily on the November-December shopping season, as had been company tradition.
At the same time, Zale began spending millions of dollars remodeling stores and also opened new outlets and closed additional underperforming units.
Duringfor example, the company opened 35 units, closed 85, and remodeled While the overall number of store units was remaining fairly constant in the mids as the restructuring unfolded, the Zales chain was being steadily expanded.
The number of Zales outlets grew from in to in The latter year saw Zale initiate additional changes to its lineup of formats. Following this move, Zale had three national jewelry chains positioned in three different segments of the market.
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By Zale appeared to be fully recovered from its fall into bankruptcy. The company had entered the direct selling business in when it produced its first sales catalog, then followed up with the launch of zale.
In a new division called Zales Outlet was formed, and ten Zales Outlet stores were soon opened throughout the country to pursue sale growth through the burgeoning outlet mall channel.
Definitely great, efficient, and fast customer service. Zales diamond rings outlet made in the 1970s fashion Zakharova, Tatyana —. Gerstein next met with the Swarovski company, makers of crystal and jewelry, which agreed to back Peoples in its next takeover effort.
Zale envisioned that there was long-term potential for between and outlet locations nationwide. The company also felt confident enough about its future to complete two major acquisitions.
Peoples had gone through its own period of bankruptcy, and at the time of the acquisition was the leading Canadian jewelry retailer, with stores.
In between the two acquisitions, a number of other significant events occurred. In September Beryl B. By doing so, Zale eliminated its exposure to bad consumer debt, an increasing problem in the late s and into the 21st century as personal bankruptcies were increasing steadily.
Zale used proceeds from the deal to pay down debt and help fund the acquisition of Piercing Pagoda. Raff resigned in Februaryand DiNicola, who had remained on the board of directors, became chairman and CEO once again.
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Zale, born in Russia but raised in Texas, opened his first jewelry store in Witchita Falls, Texas, in Two years later, Zale opened a second Texas store and was joined b, childhood friend, and brother-in-law, Ben Lipshy.
However, despite the Depression, the company continued to expand through the decade, opening a fourth store in Amarillo inand growing to 12 locations by Zale avoided building long-term debt by paying modest salaries and dividends to himself, Lipshy, and other family members joining the company; instead, earnings were invested back into the company.
As the company grew, to 19 stores inZale set up a central design, display, and printing operation in Dallas to service its growing chain.
Diamonds formed the largest part of company sales, with diamond rings, other diamond jewelry and diamond watches providing about 38 percent of revenues; costume jewelry and watches added to sales, while the company also sold electric appliances, silverware, dinnerware, luggage, cameras, eyeglasses, and other items.
Zale, because of its integrated operations, including cutting, polishing and setting operations in New Yorkand its ability to market the full scale of diamonds from the smallest to the largest, most expensive diamonds, became the only U.
Operating manufacturing plants in New YorkTel Avivand Puerto Ricothe company also operated a wholesale division, selling to other jewelry retailers.
The company decided to move into the broader retailing field, purchasing the Texas-based Skillern drug store chain. In the space of a few weeks at the end ofZale sold off the Skillern chain to Revco, Inc.
By that time, Zale had already rejected an attempt at a takeover by Peoples Jewelers of Canada. Gerstein next met with the Austrian Zwarovski company, makers of crystal and jewelry, which agreed to back Peoples in its next takeover effort.
By the end of that year, Peoples and Zwarovski, each with 50 percent ownership, took Zale private. When Zale emerged from Chapter 11 inits debt was settled.
The new management team worked to restructure the company, creating separate and independent divisions of the Zale and Gordon stores. At the same time, the company revitalized its purchasing, introducing a broader range of items to win back its customers.
07.02.2020 – At the same time, Zale began spending millions of dollars remodeling stores and also opened new outlets and closed additional underperforming units. By Zale appeared to be fully recovered from its fall into bankruptcy. When the product arrived it was beyond my expectations. In addition to this we may use the information for one or more of the following purposes:.
Bythe company appeared back on the road to good health. Zale Corp All Sources. Updated Media sources 1 About encyclopedia.
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Zale Corporation gale. Early Growth Morris B. Company Perspectives: Zale Corporation advances its leadership position in the marketplace by pursuing an aggressive growth strategy in all facets of the business.
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