NEW YORK, Mar 30, 2009 / FW/ — London-based Top Shop and VF Corporation, owner of the brands Nautica, The North Face, Lee Jeans and Vans are buckling the ‘closing of stores’ trends. Instead, these two retailers are opening new locations to survive the financial turmoil.
For Top Shop, its Manhattan location was originally scheduled to open last October, but it was delayed for 5 months. Now, the long wait is over; the store is opening this week with so much fanfare.
According to London’s The Guardian, there are at least “18 intimate dinners and drinks receptions planned for “friends” of the brand, including a dinner at Balthazar restaurant in SoHo, Manhattan, and a party at Simon Hammerstein’s burlesque downtown club The Box.
British home-made biscuits will feature. Acts are rumoured to include London DJ and producer Mark Ronson and the American singer-songwriters Santogold and Lady Gaga.”
And what can we expect from Top Shop for its initial U.S. offering? There is the line by Kate Moss and that “great London street style.”
For the Greensboro, North Carolina based VF Corporation; there is very little hype in their expansion plan around the U.S. and around the world. It is more of adding more square footage that they have total control, instead of relying on the department store for their sales.
According to a report by the Wall Street Journal, VF Corporation plans to open at least 70 new boutiques world-wide this year, Mr. Wiseman said in an interview. It is committed to a five-year plan that began in 2007 to reduce its reliance on flagging department stores.
Last year, it opened 89 new stores and drew 16% of revenue from its own outlets. The expansion is expected boost direct sales to 22% of revenue by 2012.
Photo courtesy of The Bostonista