Danish jewelry manufacturer is preparing for the mass closing of brand stores around the world.
Danish jewelry manufacturer Pandora is preparing for mass closures of mono-brand stores worldwide in the wake of the second wave of the virus spreading in Europe. It is stated in the company's interim financial report for the third quarter of 2020.
According to the company's press service, many countries' authorities to curb the growth of diseases are leading to the closure of stores around the world. In particular, in Great Britain, Belgium, and France, Pandora temporarily suspends all stores' operating activity. In total, the company plans to close 18% of stores, and another 24% of stores around the world will work in a reduced model.
Pandora stressed that retail stores' consumer traffic decreased by almost half compared to pre-crisis indicators in the third quarter. Simultaneously, traffic quality has increased, which has led to a significant increase in conversions. At Pandora online store, the past three months' growth is estimated at 89%, including improving the conversion rate.
This week it became known that European countries are beginning to return to quarantine measures. Last week's shopping centers and retail stores are closing in France and Germany. France and Great Britain declared national quarantine, Italy introduced a curfew. In Russia, the authorities do not plan to introduce repeated strict measures against business and citizens' displacement.
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