Lord help us all! Forever 21 plans to build larger fast-retailing stores...at a mall near you. According to WWD, within four years Forever 21 expects to be in position to be a mall anchor as it evolves from a teen-focused business into one devoted to a youth-lifestyle retail concept.
Christopher Lee, senior vice president of the firm, shared elements of the company's strategic plan Thursday during a panel discussion on "Retail's Moment of Definition," hosted by Fashion Group International at the Hilton New York.
Forever 21 reported sales of $1.3 billion in 2007 and this year estimated growth to $1.8 billion, spread out among more than 400 stores. Although 15,000-square-foot stores were once the norm, many are now 40,000 square feet, like the flagship that opened in Pasadena, Calif., in 2006.
Lee told the group that the company is moving toward a 90,000-square-foot model in select locations, making it a potential anchor. The retailer also is eyeing stores in South Korea, possible acquisitions in the U.K. and going into Russia on its own, rather than with a joint venture partner.
Now that's a lot of cheap clothing!
Read "Forever 21 Plans Anchor-Size Units" here
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