Nassau, Bahamas - Pandora Store Opens on Paradise Island.
The new Pandora store in Marina Village officially opened tonight.
PANDORA designs, manufactures and markets hand-finished and modern jewelry made from genuine materials at affordable prices. PANDORA jewelry is sold in more than 65 countries on six continents through over 10,000 points of sale, including more than 750 concept stores.
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What is a memory worth to you?
While the answer might vary based on the individual, Pandora knows the dollars and cents. The international jeweler, first launched in North America just eight years ago, has capitalized on a charmed concept here in The Bahamas.
Executives from Pandora and John Bull saw these efforts come to fruition on Friday evening with the launch of the country's first concept store in Marina Village. Circulating among glittering showcases topped with colorful cupcakes, locals and tourists alike witnessed the official ribbon cutting on Paradise Island.
"John Bull has five points of distribution now in Nassau, one on Exuma and one in Abaco. So there are seven points of distribution in the Bahamian market now in just eight years," said Jeff Seehof, Caribbean account manager for Pandora.
Seehof told Guardian Business that Nassau is the most lucrative market for the brand in the entire Caribbean. A constant flow of cruise traffic and the partnership with John Bull have kept sales robust, particularly over the last four years.
This success is reflected across the globe. Pandora operates five factories in Thailand to supply its worldwide network. It has 5,000 employees, and according to Seehof, Pandora is the number two jewelry brand, just below Tiffany's, in terms of global recognition.
Part of the brand's success has been is competitive price point in a tighter global economy. Central to Pandora's pitch is also its appeal to keepsakes and memories, in the sense it courts female customers with charms that reflect important life events.
Roland Gutierrez, sales trainer for Pandora, said the company keeps customers throughout their lives. Merchandise can vary from sterling silver to 14 karat gold, and as a result, it reaches a broad range of consumers.
In that way, while the products might be more affordable, the company taps a reoccurring source of revenue over the life of a customer.
Tarek Vanderpool, jewelry buyer for John Bull, said the strong demand in The Bahamas necessitated the opening of its first concept store. Since the new concept store began its soft opening in late May, it has exceeded sales expectations by more than 30 percent.
"It's not just charms anymore. It's watches, earrings, necklaces and rings. You can't showcase that in a small stop and shop," she explained. "It really needs a lot more, and that's what the concept store is about."
The Marina Village shop staffs 10 Bahamians, she added.
While she agreed the price point is attractive, Vanderpool pointed out that it also plays to the desire for memories while on vacation. She told Guardian Business Pandora appeals to a class of tourist that's "a step above the t-shirt customer".
Director of business development at John Bull, Inga Bowleg, called Pandora a "truly amazing brand".
The decision to invest considerably in Pandora is simply a reaction to the demand. She said John Bull owes it to its customers, first and foremost, to react to growing trends and remain current.
Seehof noted that the partnership with John Bull is what made the brand's success in The Bahamas possible.
"We know the brand will sell, but we need people to support it and advertise it," he said.
The next step for Pandora, he explained, is to release its Caribbean Collection, whereby the company produces charms for specific destinations.
The Bahamas, for example, now has a cruise ship charm. This trend is expected to continue over the coming months for the Caribbean.
Click here to read more at The Nassau Guardian
