Modern home-furnishing chain West Elm, owned by Williams-Sonoma Inc. (NYSE:WSM) , announced the opening of a store in Bellevue, Washington, creating approximately 30 jobs. The 14,215 square-foot retail store will open on Oct 20.
This marks the fifth initiative by West Elm this quarter after the launch of the third store in Nevada earlier this month, expansion into the boutique hotel business, launching of Whole Foods’ product line and partnership with Sonos Home Audio System.
Such initiatives are in line with Williams-Sonoma’s strategy to counter competition from peers like At Home Group Inc. (NYSE:HOME) , Haverty Furniture Companies Inc. (NYSE:HVT) and Restoration Hardware Holdings, Inc. (NYSE:RH) .
Also, the company will continue with its strategy of regionalization of products by working with local artisans. Products from seven Washington-based makers and designers will be available in the store. It will also offer custom-designed cash wrap made from reclaimed pine and fir that summons Bellevue’s history as an agricultural hub. A complimentary design lab offering West Elm’s Style+Services will be there to support customers as well.
Meanwhile, Pottery Barn – Williams-Sonoma’s largest brand and specialty retailer for casual, comfortable and stylish home furnishings – entered into a product collaboration with renowned Indian fashion designer Sabyasachi Mukherjee. ‘Sabyasachi for Pottery Barn’ collection will include vintage textiles and products that reflect the rich artistic traditions of India.
Also, West Elm has taken up various promotional initiatives as part of the opening day celebrations, like offering limited edition tote bags to the first 300 shoppers, gift cards to local customers and an invitation to a private pre-opening celebration. Part of the proceeds from the pre-opening festivities will be given to a local non-profit organization.
Williams-Sonoma carries a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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