Topshop’s New York store to open in spring
One flood, one fire, a seven-month delay and $20m later, Sir Philip Green finally felt sufficiently confident today to announce that Topshop’s long-awaited New York flagship store will open on 2 April.
At a press conference in New York, a palpably relieved Green, the CEO of the Arcadia group of which Topshop is the crown jewel, announced that the 30,000 square foot shop will open this spring. Kate Moss, the store’s most successful in-house designer, will be in attendance.
It will be the first store abroad that Topshop will own in its entirety as opposed to being run by a franchise. “Someone once told me that in order to make a small fortune in America you have to start with a big one,” he chortled, referring to the millions of dollars he has already ploughed into the venture - “and that’s just on breakfasts for journalists!”
Yet his bluffness could not stifle one overwhelming question: was he concerned that he was opening a large midtown store in Manhattan just as a global recession is beginning? The word “downturn” caused him to spin on his heel and walk away when he was asked this question minutes before the conference began. “Don’t be so negative!” was his parting retort.
During the press conference, he attempted to quash this negativity under a barrage of facts, figures and self-confidence. “With all the financial jiggery-pokery over now, we’re back to the era of the merchants and I really believe that now more than ever it’s about content. We’re not in Armageddon but we’re all just having to work harder,” he announced, all but putting his thumbs in his armpits and puffing out his chest.
Last year the Arcadia group made £4.5bn globally and Topshop alone made an annual profit of £120m. In America, it made $25m and Green is already predicting that this will rise to $100m with the brand’s increased presence. However, he added that he is not planning to open more than 15 stores in America. When compared to the 300 Topshop stores that exist in the UK, this was perhaps a sign that even Green is being cautious.
He showed characteristic confidence when asked what Topshop had to offer to make it stand out from the hugely successful American high street shops that already dominate the country. Green made reference to the brand’s various USPs that have made it such a heavyweight in Britain - “We can work at speed, we have in-house design teams and we are trend-driven” - but ultimately, of course, he said it came down to him: “I’m a businessman who sells clothes, and that is perhaps what is needed now more than ever.”
When asked what differentiated Topshop from Target, the popular low-cost American retailer, Green couldn’t resist snapping back: “Fashion.”
The New York store will be closely based on the popular flagship store on Oxford Circus, London. Two exclusive New York collections will be launched to mark its opening, and Topman will also have an in-store presence.
Story Covered by:guardian
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