The initial public offering IPO of stock, consisting of 5. The success of Little Switzerland was based on the performance of its stores and where it chose to expand rather than a large number of new store openings. Although recessive economic conditions in the United States during the early s delivered a blow to tourism in the Caribbean, Little Switzerland fared well during the downturn.
Within a year of its IPO, the company added two new stores, one on St. Thomas and another on St. Little Switzerland made its boldest expansion move of the s in The company diversified its geographic presence dramatically by opening a store in Ketchikan, Alaska.
Little Switzerland's president at the time, Kenneth Watson, explained the move in an April 25, interview with Travel Weekly.
Ketchikan served as a stopping point for numerous cruise ships traveling to Alaska. An estimated , passengers arrived in Ketchikan between May and mid-September, brought by more than cruise ships.
Aside from introducing the chain into a vast, new market, the establishment of the Ketchikan store gave Little Switzerland business to offset the seasonal cyclicality of its Caribbean business. In Alaska, the peak selling season ran during the spring and the summer. In the Caribbean, the peak selling season ran from late fall through spring.
Little Switzerland performed well during the mids, aided by a return to more prosperous times in the United States. Although the company stocked a wide variety of merchandise, it was reliant on the sale of watches for the bulk of its sales. In , watches accounted for 44 percent of the company's total sales, with Rolex watches accounting for one-quarter of total sales. The second most significant product line was jewelry, which included rings, earrings, bracelets, necklaces, pendants, and charms.
The end of the s represented a time of change at Little Switzerland. Another economic recession in the United States loomed, the onset of which delivered a much more painful blow to the chain than the weak economy of a decade earlier.
The company also gained new leadership at this time. Robert L. Baumgardner was appointed president and chief executive officer of the company in August , taking control just as Little Switzerland was set to endure the most difficult years in its history. Under Baumgardner's watch, Little Switzerland experienced both highly profitable periods and low periods when it recorded significant losses.
Little Switzerland is the largest, most reputable authorized retailer of designer jewelry and luxury watch brands in the Caribbean.
Little Switzerland is the largest and most reputable authorized dealer in the Caribbean for world class luxury brands. When purchasing in our stores, our brands are offered at duty-free and tax free savings. Highland County Located at the western edge of Virginia in the Alleghany Mountains, Highland County enjoys the highest mean elevation of any county east of the Mississippi River. Exceptional jewelry designers seem to flock to Switzerland. The country is renowned for its beautiful bracelets, cufflinks, brooches, and earrings as well.
Under a plan that gained a preliminary endorsement from the County Board in June, ROC Ventures would lease, rather than buy, the county land where much of the ski hill stands. The ski hill straddles the Franklin-Greendale border. Zimmerman said the agreement with Schmitz Brothers is not intended to impact the proposed agreement with Milwaukee County.
That agreement could come up for final county consideration in September. Please Sign In and use this article's on page print button to print this article.
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