Biz Buzz: M. Kambourian Sons store is closing

M. Kambourian Sons will close its Henrico County store early next year, but what will happen to the 100-year-old Richmond area company after that remains up in the air.

"I'm not sure exactly what's going to happen, but I know I will continue in the rug business," said Mark Kambourian, president of the Oriental rug company founded by his great-grandfather, an Armenian immigrant, in 1896. The company has been in the Richmond area since 1906.

Mark Kambourian said the company's fate is in the hands of his father, who owns 100 percent of the business but is stepping away to focus on other ventures.

The senior Kambourian, Jerry, said he has yet what to decide what do with the business.

What is definite is that the 15,000-square-foot store at 10618 Patterson Ave. near Pump Road is closing early next year.

The lease on the store expires at the end of January, although Mark Kambourian is getting a three-month extension.

Jerry Kambourian said the economic downturn of the past couple of years hit the company hard and it was time to shut the store and restructure.

The Oriental rug industry, which requires a lot of up-front capital, has struggled the past few years as shoppers curtailed their spending on home furnishings, he said.

The store will begin a liquidation sale Jan. 3 that will run through March or until the 6,000-rug inventory is sold. If the inventory doesn't all sell, a Northern Virginia rug dealer has agreed to take on what remains.

But what happens after March is anyone's guess, Mark Kambourian said.

His plan when the store closes is to head up to Northern Virginia for a few months and help out a friend who owns a rug store. He says he'll return to Richmond later in the year to look for space to possibly open a store.

Whether the store will carry the M. Kambourian Sons name or some other name will depend on what his father decides.

"I will be in the rug business for the rest of my life," he said. "It's all I know."

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Tiffany & Co. is opening a store in Richmond.

The New York-based upscale jewelry retailer will open at Stony Point Fashion Park in late summer or early fall.

"We look forward to offering our customers the convenience of a Tiffany location in Richmond and providing them with timeless design and uncompromising craftsmanship that Tiffany is known for," said Diane Brown, vice president of Tiffany & Co.

Joseph Frye, manager of the South Richmond mall, could not give out any information or say whether Tiffany was a future tenant.

"We will have some movement of stores over the next few months in preparation for announcing the coming of new exciting retail additions that will debut in 2011, but I can't confirm names at this time," Frye said in an e-mail.

However, Brown said that "Tiffany & Co. is pleased to soon be part of Stony Point Fashion Park."

Tiffany has stores in the Americas, Asia and Europe. The Richmond store will be its first in the area and the second in Virginia.

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Franco's Fine Clothiers has added a full-service shoe store.

The Henrico County-based menswear retailer already carried shoes at its two stores, but is now operating a separate shoe shop with expanded selections at its Lakeside Avenue store.

Kevin Reardon, vice president of Franco's, said the company has dedicated about 2,000 square feet of space to accommodate the new venture. The shoe store has a separate entrance and is considered a separate operation.

"The shoe business has been good for us over the years," Reardon said.

To help bolster its offerings, the company has added four new lines to its product mix, including stocking New Balance sneakers.

The idea behind the concept is to offer "old fashioned services" to shoe shoppers, Reardon said.

To help bring that off, Franco's hired Jim Norwood, a 17-year veteran of the shoe industry.

Norwood said the process for finding the right shoes goes beyond sizing.

"It's about learning what the customer does in shoes, do they have problems and how they will use the shoes," he said.

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Two new restaurants will open at Virginia Commonwealth University's MCV Campus.

Wendy's and Einstein Bros. Bagels will open early next summer inside the Gateway Building on Marshall Street at the medical school campus.

The restaurants will be operated by vendor Aramark Higher Education Services.

A McDonald's and an Alpine Bagel in the Gateway Building closed in June.

LLLovio@timesdispatch.com

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