Pandora expands in Sarasota

SARASOTA — Pandora will open a new retail location in Sarasota's Westfield Southgate mall later this year, furthering a growth strategy that has been in effect since the Denmark-based firm raised $1.8 billion through an initial public offering in October.

At that time, the jewelry retailer told investors it would be using proceeds from the deal to both expand its network of branded stores, as well as acquire independent retailers with which it had existing retail partnerships, says Nick Einhorn, an analyst with Greenwich, Conn.-based Renaissance Capital LLC.

In Sarasota, the bracelet and jewelry retailer will move into an existing space adjacent to Mayor's Jewelers, once a planned remodeling is completed. The store is expected to open in November.

The company already has Pandora stores in Tampa and Naples.

Pandora is the third-largest jewelry brand in the world, with 5,000 employees worldwide. The company generated $1.3 billion in revenues in 2010.

At the beginning of 2010, the Westfield Group bought a 98,156-square-foot department store space from Dillard's for $3 million.