By Craig Patterson
Upscale Monaco-based jeweller APM Monaco is kicking-off its Canadian store expansion this spring by opening its second storefront, with more to follow in various markets.
A jewel box-sized APM Monaco boutique opened at the end of last month at CF Richmond Centre in suburban Vancouver. The 375 square foot corner retail space is located across from the mall’s Uniqlo store in a busy part of the mall near upscale retailers that include Hugo Boss, Browns Shoes and Kate Spade. It is the first of several APM Monaco boutiques anticipated for the BC Lower Mainland.
APM Monaco’s first Canadian store opened in the fall of 2017 at 89 Bloor Street West on Toronto’s famed ‘Mink Mile’, alongside big brands such as MCM and Sephora, and across from Harry Rosen’s flagship as well as Holt Renfrew Men, Hermes and Ermenegildo Zegna. The 1,700 square foot Bloor Street APM Monaco store design was inspired “by the Monaco lifestyle” with a signature navy and white colour combination.
Jordan Karp and Ryan Morein of brokerage Savills represent APM Monaco in Canada and are handling the expansion. Savills negotiated the Toronto Bloor Street deal as well as the CF Richmond Centre lease with landlord Cadillac Fairview.
In Canada, APM Monaco is seeking retail spaces in the 800 square foot to 1,300 square foot range in top shopping centres as well as on busy urban street-fronts. APM Monaco may look to first open temporary storefronts to test out markets prior to possibly further renovations to create permanent locations.
The APM Monaco brand is seeing tremendous growth internationally with some international storefronts selling millions of dollars of product annually. APM Monaco has about 200 stores worldwide, and it’s growing quickly — a rapid store expansion is currently in the works as the brand looks to significantly grow its retail presence globally. In the United States, APM Monaco operates eight storefronts in Boston, Las Vegas (x2), Los Angeles, Miami, New York City, Saipan and in the Seattle suburb of Bellevue. The brand locates in busy upscale areas.
APM Monaco was founded in 1982 by Ariane Prette as a jewellery brand specializing in creating traditional gold, diamond and precious stone pieces for other jewellers. In 2011, the Prette family launched the new APM line (standing for Ariane Prette Monaco) that is made from the purest form of silver, carefully selected cubic zirconia and one-of-a-kind freshwater cultured pearls, among other high-quality materials.
Its products are handmade with their own manufacturer to ensure consistency. Designs are also “influenced by Monaco and the South of France,” according to the company, "with a touch of Monegasque flair”. Creative director Kika Prette (daughter-in-law of Ariane Prette) introduces four new collections a month with 12 fashion themes a year.
The limited edition nature of APM Monaco’s collections acts as a draw for brand fans. New collections come out monthly and “once they’re gone, they’re gone”. As a result, limited-edition pieces sell-out quickly. With some pieces priced under $100 (and some costing considerably more), APM Monaco targets a wider spending demographic than many upscale jewellery brands, and the client base is known to be loyal, which could assist a rapid Canadian store expansion moving forward.
Canada continues to see new international brands enter the market, while other recent entrants continue to expand their presence. In 2017, more than 50 international brands entered the Canadian market by opening stores, which was a record. In 2018, more than 30 brands entered Canada and this year could surpass that number, given recent numbers as well as some brands that we are tracking.
We’ll update this article when we learn of future details about APM Monaco’s Canadian expansion plans.
Now located in Toronto, Craig is a retail analyst and consultant at the Retail Council of Canada. He's also the Director of Applied Research at the University of Alberta School of Retailing in Edmonton. He has studied the Canadian retail landscape for the past 25 years and he holds Bachelor of Commerce and Bachelor of Laws Degrees. He is also President & CEO of Vancouver-based Retail Insider Media Ltd. Email Craig: firstname.lastname@example.org