To facilitate the increase in stores the company has developed a new, smaller-format store that will occupy approximately 2,000 gross square feet and offer a wide range of jewelry designs except engagement jewelry. The new format store will operate under the name of Tiffany & Company Collections and the first store is expected to open in 2008. Michael Kowalski, chairman and CEO, said: "The addition of this new format affords us with the opportunity to ultimately operate as many as 170 stores in the US. Our plan continues to call for opening five to seven Tiffany & Company stores per year of approximately 5,000 gross square feet in size. In addition, up to 70 Collections stores will be opened as location opportunities arise."