P.M. BRIEFING : Zale Plans 1,000 Stores in Japan

TOKYO —  Zale Corp., a jewelry retailer based in Irving, Tex., will open its first store in Japan in September and plans to build a 1,000-store network within 10 years, the company’s Japanese partners said today.

Zale has reached an agreement with Tsurukame Corp., a major Japanese jeweler, and C. Itoh, a trading company, to open shops under the Zale name.

Zale and C. Itoh said they expect sales of $650,000 to $1 million in the first year and $1 billion over 10 years.

Zale will purchase 1% of Tsurukame stock for $1 million and Tsurukame will buy 1% of Peoples Jewellers Ltd. of Canada, which took over Zale in 1986, the companies said.

C. Itoh, which owns 11% of Tsurukame’s stock, will help manage and finance the jewelry chain, the companies said.