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Perfumania sets its sights on growth
Jan 6, 2011 Chain Store Age Katherine Field
Since Perfumania opened its first store in 1987, the Bellport, N.Y.-based fragrance retailer has made a name for itself in shopping malls and strip centers nationwide, establishing itself as the single largest player in the promotional designer fragrance space. In 2008, Perfumania’s publicly traded parent company, Perfumania Holdings Inc., added a lineup of wholesale and manufacturing businesses and fragrance consignment programs to its retail presence, and fiscal 2009 net sales for the combined companies was $511 million.
Today Perfumania operates 350 retail stores in the United States and 20 in Puerto Rico. The company opened 57 stores in 2009, and nine stores in 2010. This year, it plans to open 10 to 15 locations, and is considering a Canada market debut.
Perfumania has outlined an aggressive growth strategy that could ultimately see 600 retail doors in North America and Puerto Rico. But the downturn has slowed its expansion rate.
To prep for expansion and to shore up its real estate position, Perfumania retained New York-based RCS Real Estate Advisors in January 2009 to act as its outsourced real estate arm.