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TIFFANY & CO.

Pop-Up Store in Changi Airport

To expand the reach of Tiffany & Co.we created a pop-store in Singapore in order to target new customers from the Asia-pacific area. Our whole concept focused on travel retail opportunities by choosing an airport as the selected location. We were able to plan a budget, a marketing strategy and analyze data in order to create an innovative store concept inspired by the holidays.

2021

Collaboration with: Chloe Teszner, Sol Vega, Karissa Hockett, Brittany Heath.

INTRODUCTION

DESCRIPTION

Founded in 1837 by the jeweler Charles Lewis Tiffany, Tiffany & Co. is an American luxury jewelry and specialty retailer headquartered in New York City.

 

The brand sells jewelry, sterling silver, china, crystal, stationery, fragrances, water bottles, watches, personal accessories, and leather goods.

 

Tiffany & Co. has maintained its reputation and become synonymous with elegance, innovative design, fine craftsmanship and creative excellence.

MISSION

"To be the world’s most respected and successful designer, manufacturer and retailer of the finest jewelry."

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OWNERSHIP

LVMH Moët Hennessy Louis Vuitton SE purchased Tiffany & Co. for $15.8 billion.

Summary: We analyzed their financial data in order to understand their performance.

BRAND IDENTITY MATRIX SUMMARY

VALUE PROPOSITION

- Luxury jewelry

 

- Based on sophistication & quality

 

- Excellent customer service &

store environment.

RELATIONSHIP

- Treated as luxury individuals

- Trust the brand & products thanks to knowledgeable professionals

POSITION

- One of the top players in the luxury jewelry market

 

- Aspirational brand for consumers

EXPRESSION

- The trademark Tiffany blue, has led to global recognition

 

- Classic and elegant marketing look

BRAND PROMISE

"Deliver classic elegance through innovative jewelry design and extraordinary craftsmanship, inside  our iconic Tiffany & Co. Blue Box."

PERSONALITY

-Legendary wit, optimism and New York energy

 

-Inspires a dream with its iconic blue boxes

MISSION & VISION

- Remain an international icon of legendary style, artistry & design

- Conduct business responsibly & mindful of local communities.

CULTURE

-Prioritize diversity.

 

-Cultivate inclusive environments.

 

-Foster growth for positive impact.

COMPETENCES

-The standard for American luxury

 

-Diamonds, gemstones & metals

 

-Iconic designs like key & heart pendants.

DISTRIBUTIONAL CHANNELS

PERCEPTUAL PLAN

TOP DIRECT

COMPETITORS

Bulgari

 

Cartier

 

Chopard

 

Boucheron

 

David Yurman

 

Harry Winston

 

Van Cleef and Arpels

 

Blue Nile

 

Pandora

 

Swarovski

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Summary: We analyzed Tiffany's competitors, their price range and differences.

 TARGET PERSONA

JENNIFER THOMSON

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AGE : 28

 

LOCATION : Manhattan, New York

 

EDUCATION : NYU

 

MAJOR : Communication Studies

 

OCCUPATION : Account Director in NBC Universal

 

STATUS : 5-year Relationship

 

INCOME : $150,000

VALS PROFILE : Thinker and Achiever

PERSONALITY TRAITS : Social, Energetic, Outgoing.

 

DAY ROUTINE : Work out early in the morning, then go to work and meet friends at lunch. During the weekends she spends time with her boyfriend, they like going to restaurants, walk in the park and watch movies at home.

 

HOBBIES : Read, Cook andYoga

 

STYLE : Conservative and Elegant

 

SHOPS AT : Bottega Veneta, Bvlgari and Cartier

 

SOCIAL MEDIA : Intagram, Twitter and Tik Tok

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POP - UP PROPOSAL

LOCATION

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CLOUD9 PIAZZA,

Jewel Changi Airport

Singapore

ADJACENT RETAILERS

RESTAURANTS

  • Privé

  • Rumours Bar & Grill

  • Burger & Lobster

  • Aloha Poke

ATTRACTIONS

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LOCATION JUSTIFICATION

JEWEL AT CHANGI SINGAPORE

WHY HERE?

 

  • To enjoy a relaxing and luxurious shopping experience in the nature while in a layover

 

  • Away from the busy shopping mall section of Jewel at Changi

 

  • Jewel at Changi is the newest luxurious shopping hub for travel retail

 

 

 

WHY SINGAPORE?

 

  • New customer age range

 

  • Singapore is the Switzerland of Asia thus lots of money that people can spend while shopping

 

  • Spacious to entertain lavishly.

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POP - UP JUSTIFICATION

JEWEL AT CHANGI SINGAPORE

HOW WILL IT BENEFIT TIFFANY & CO.?

  • Recapture travel retail shoppers

 

  • Bring awareness to products Tiffany may not have been known for

 

  • Growth of the APAC market

 

  • Will introduce two new product segments into travel retail for Tiffany

  • Tax-absorbed shopping

 

 

 

WHAT LEARNING'S ARE EXPECTED?

  • Consumers' reaction to the more affordable options

 

  • How new and existing customers are alike

 

  • See how well each item does and why

 

  • Testing Tiffany's entry into travel retail

 

  • Testing a pop-up shop's entry into travel retail

 

  • Hopefully see growth by KPI's

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DATE JUSTIFICATION

WHEN WILL THE POP-UP SHOP LAUNCH?

  • November 30, 2021

DURATION OF THE POP-UP SHOPS INSTALLMENT?

  • November 30, 2021 - December 30, 2021

 

 

WHY THESE DATES?

  • Limited time and access to location offerings will create a sense of urgency to encourage purchases for the holiday season.

 

  • Purchases will not only be made for personal pleasure but can also be made for the holidays, the new year or anniversaries and engagements.

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MARKET AREA CHARACTERISTICS

HOW TO GET THERE & ACCESS IT?

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NEW TARGET COSTUMER

KARTIKA GAUTAMA

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AGE : 40

 

LOCATION : Indonesia

 

EDUCATION : University of Indonesia

 

MAJOR : Psychology

 

OCCUPATION : At home mom

 

STATUS : Married

 

INCOME : $1,000,000

VALS PROFILE : Makers and Thinkers

PERSONALITY TRAITS : Responsible, Patience and Leader

 

DAY ROUTINE : She's goes the GYM at 6 am, get up early in the morning to get breakfast and lunch ready for her family. Pick their kids from school in the afternoon. Watch movies with his husband and kids at night. She goes to the salon on the weekends, with her friends.

 

HOBBIES : Cook, work out, garden, and read.

 

STYLE : Elegant

 

SHOPS AT : Cartier, Chopard, and Van Cleef and Arpels

 

SOCIAL MEDIA : Instagram, Facebook and Pinterest

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Summary: We analyzed and cater different Health and Safety Laws, Zoning Laws, and Local Laws.

KEY PERFORMANCE INDICATORS

IN STORE

  • Measure social media lift by various metrics such as social media impressions over the course of the pop-up's duration, and how the pop-up's target geography was affected by the installation

  • Learn about who is sharing and capture content generated by users to find out exactly the sentiment of users during the time of the experience

  • How many positive Google reviews the location/pop-up gains, as a result of the experience.

ONLINE

  • Calculated sales per sq/ft

 

  • How many people visit the retail pop-up shop

 

  • How many referrals are received to new shoppers from previous customers

 

  • High dwell time

 

  • Sales per employee

 

  • Shopping experience surveys and feedback

POP UP SHOP ASSORTMENT

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DIAMOND POINT CONICAL DECANTER

$200 | 70 units

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DIAMOND POINT SHOT GLASS SET

$170 | 88 units

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DOUBLE OLD-FASHIONED GLASSES

$175 | 75 units

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MAKERS COCKTAIL SHAKER IN STERLING SILVER

$100 | 70 units

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HEART TAG CHARM IN

SILVER, MEDIUM

$125 | 63 units

MARKET BASKET

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FOOTFALL ANALYSIS

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CATEGORY SALES

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UNIT SALES

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POP-UP

IMPLEMENTATION

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 AMBIANCE

RENT PAYMENTS

LOCATION & TIMING

  • The pop-up shop launch will launch November 30, 2021

  • Duration of the pop-up shops installment will be active from November 30, 2021 to December 30, 2021.

SQUARE FOOT RATES

  • Renting out 3,767 sq ft

  • Price per sq foot is $8 aprox. per sq ft

  • 3,767 square ft = 350 sq m

TOTAL RENT 1 month = $30,100

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FLOOR PLAN

CONSTRUCTION BUDGET

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CONSTRUCTION BUDGET

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STORE: EMPLOYEE ORGANIZATIONAL CHART

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BAR: EMPLOYEE

ORGANIZATIONAL

CHART

 STAFFING SCHEDULE

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 STAFFING COST BREAKDOWN

SPECIAL FEATURES & UNIQUE SELLING TOOLS

TECHNOLOGY & COSTS

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PROMOTIONAL PLAN

SOCIAL MEDIA

  • We will have Instagram and Tik Tok ads showcasing the Tiffany's Ice Bar, and all the jewelry and bar appliances.

  • We will include the hashtag #TiffanyOnTheRocks in all of our social media posts.

  • 2 Tik Tok and 2 Instagram Influencers will be chosen to share this new experience of having a "Tiffany's on the rocks", with our drinkware.

BILLBOARDS

  • Billboards around Singapore showing Tiffany's Pop up and their drink-ware.

  • Digital ads around the Jewel Changi Airport.

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SOCIAL MEDIA & CONTENT CREATION BUDGET

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LAUNCH PARTY PLANNING

GANTT CHART

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SOURCES

https://www.tiffany.com/

https://www.tiffany.com/world-of-tiffany/the-world-of-tiffany-timeline/

https://money.com/lady-gaga-oscars-tiffany-necklace cost/#:~:text=The%20enormous%2C%20cushion%2Dshaped%20diamond,around%20%2436%20million%20to%20produce.)

http://justfunfacts.com/interesting-facts-about-tiffany-co/

https://www.comparably.com/companies/tiffany-co/mission

https://www.tiffany.com/sustainability/community/

https://www.lvmh.com/houses/watches-jewelry/tiffany-co/

https://r.lvmh-static.com/uploads/2020/10/press-release-en-29-oct-2020.pdf

https://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_TIF_2019.pdf

https://www.police.gov.sg/e-Services/Police-Licences/Liquor-Licence

https://www.changiairport.com/en/maps.html#18.5/1.3602526/103.9898057/-67

https://www.jewelchangiairport.com/en/contact-us/leasing.html

https://www.budgetdirect.com.sg/travel-insurance/research/singapore-tourism-statistics

https://www.shopify.com/blog/pop-up-shop

https://www.withersworldwide.com/en-gb/singapore-commercial-leases

https://www.tenantcs.com/blog/commercial-real-estate/terminology-singapore/

https://www.noisyneighboursingapore.com/articles/singapore-noise-regulations/

https://singaporeofficespaces.com/singapore-land-zoning/

[1] https://www.ishopchangi.com/en/pages/non-traveller

https://www.becore.com/performance-indicators-pop-up-shops/

https://rosedalecenter.com/blog/how-to-make-your-pop-up-shop-a-success

https://www.insider-trends.com/the-5-most-important-new-kpis-of-retail-and-how-to-improve-them/

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