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Anticipating boom times for luxury goods ahead, Cartier is planning to add 10 new stores in the U.S. in the next few years.
"We need more square footage because the traffic is so high,” Cartier CEO Cyrille Vigneron told Crain's New York Business. The French jeweler and watchmaker has 30 stores across the country now and could have 40 in the next five or so years, he said.
Banking on consumers spending big on luxury goods may seem unusual as recession concerns mount. But Vigneron said that Cartier has seen “a growing appetite from American customers for high-end products" over the last two to three years. A report from Bain published this summer anticipated luxury goods sales would rise 5% globally, with the U.S. as a key element of that boost.
New locations are expected in Seattle, Austin and Troy, Michigan. Cartier could also double down on cities where it already has shops; in New York, it is adding a new store in SoHo, set to open early next year. The company also plans to turn a temporary store in Florida's Palm Beach into a permanent location. These locations reflect the demographic shifts that came out of the pandemic wherein a number of wealthy people moved from traditional hubs like New York and San Francisco to Texas and Florida.
Cartier isn't the only high-end retailer expanding. This month, clothier Ralph Lauren announced it planned to open 250 standalone stores nationwide.
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