BUSINESS OF FASHION: UNIQLO’S BUSINESS PLAN OF OPENING 200 STORES BY 2020
A respective newcomer in the fast fashion realm, Uniqlo has yet to earn a profit in the United States. With 26 stores standing tall in the United States, the concluding goal of the retailer is 200 stores in the US by 2020. Larry Meyer, the chief executive officer of Uniqlo USA, speaks out about his confidence in the company on Reuters. Claiming that they are currently building the customer presence, by mid-November this year there will be 39 locations in America alone. In order to obtain 200 stores, an average of 15 stores would have to be opened per year in order to procure such a target.
Uniqlo, a Japanese brand known for its casual and trendy designs, opened its first flagship in New York City’s Soho back in 2006 with an average of opening three to four stores per year since then. Fast Retailing handles more than 1,400 Uniqlo stores worldwide with more than 850 in Japan and over 300 in China. Looking to branch out in their e-commerce to induce sales, Uniqlo’s business strategies are in full effect. Stay tuned!
Source reference via Reuters