Eyewear shop Warby Parker Inc. has had its eye on Orange County for some time.
The New York-based company (NYSE: WRBY) this month opened its fourth location in the county.
The store is located in the Crate and Barrel wing of South Coast Plaza, the county’s largest shopping center owned by the Segerstrom family, which ranks No. 26 with an estimated net worth of $2.8 billion on this year’s OC’s Wealthiest list.
The 2.8 million-square-foot luxury mall last year ranked in $2.5 billion in taxable sales, up 5.6% from the year prior. Major brands at South Coast Plaza include Hermés, Louis Vuitton, Cartier, Gucci, Chanel, Valentino and Dior, alongside numerous jewelers, watch makers and other luxury names.
The mall is ideal for a Warby Parker location, given the heavy online sales volume the company has seen from the area, according to officials.
“When opening new retail locations, we focus on areas where we already have a customer base so that we can meet folks where they are and in the best format for their shopping needs–whether it’s a standalone store or within a shopping center,” Chief Retail and Customer Experience Officer Sandy Gilsenan said.
While the company offers virtual try-ons for glasses, “nothing beats the physical retail store” when it comes to eyewear products, officials said.
The South Coast Plaza store is one of Warby Parker’s more than 250 locations across the U.S.
The company, which started out as an online-only eyewear retailer, plans to open about 40 more stores around the country by the end of the year. It opened 40 locations the year prior.
In the longer term, Warby Parker aims to grow its U.S. footprint to over 900 stores, according to its annual report.
“Stores that were open 12 months or more generated $2.1 million in revenue on average … in line with our [profit margin] target of 35%,” the company said.
The company in 2023, which was its second full year as a public company, did $669.8 million in revenue, up 12% from the year prior.
Shares in the company are $16.20 apiece, giving it a $1.9 billion market cap at press time.
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The most recent OC Warby Parker opening took place two years ago, when the company debuted its store at Irvine Spectrum Center.
Irvine Spectrum Center, OC’s sixth-largest shopping mall by revenue, topped $601 million in taxable sales last year. The 1.2 million-square-foot outdoor retail center is owned by Irvine Co., whose Chairman Donald Bren is No. 1 on this year’s wealthiest list, with a net worth of $18.3 billion.
Other local Warby Parker locations include Brea Mall and Fashion Island in Newport Beach.
Fashion Island, also owned by Irvine Co., was the home of Warby Parker’s first store in OC, which opened in 2019.
–Reporter Kaitlin Aquino contributed to this article
