Topshop opens in NYC tomorrow!

I recently read a Bloomberg article called "Kate Moss, Topshop Bring Oxford Street to New York in Recession." Here is some insight on the store opening and what it means for the recession:


By James Callan
April 1 (Bloomberg) -- Topshop, the U.K. clothing chain
opening its first store in the U.S. this week, has a strategy
that may help American shoppers forget about the recession:
supermodel Kate Moss.
The four-story shop, a similar design to the Oxford Street
flagship in London, opens in New York’s SoHo neighborhood
tomorrow after six months of construction delays including fire
and flooding. Moss’s new fashion line for the brand, her ninth
collection for Topshop, goes on sale globally the same day.
Topshop, owned by billionaire Philip Green’s closely held
Arcadia Group Ltd., is entering the U.S. during the worst
recession in at least 25 years. Consumer spending fell in six of
the last eight months as unemployment reached its highest level
in more than a quarter century, forcing retailers to close shops
and cut expenses.
“You’ve seen a few retailers collapse, but I think the big
people will ride out the storm,” Green, 57, said in an
interview while wandering the 25,000-square-foot New York store.
“People haven’t stopped shopping. The young fashion market has
still remained pretty resilient during these difficult times.”
Green, who was knighted by Queen Elizabeth II in 2006,
declined to provide revenue or profit estimates for the store.
Last month, AnnTaylor Stores Corp. said it expects to close
163 stores by fiscal 2010, 46 more than the 117 closings
announced in January 2008. Gap Inc. will close about 100 stores
this year, mainly Gap locations, and open about 50 stores.

Thousands of Shoes

Topshop, which has 200 workers at its New York location,
may open a second store in Manhattan and eventually expand to
Miami, Los Angeles, Las Vegas and Boston, Green said.
The retailer, which says it sells 40,000 pairs of shoes a
week, has more than 300 stores in the U.K. and 125 outlets in
regions ranging from Scandinavia to the Middle East. Founded in
1964, Topshop was acquired by Green for $1.2 billion in 2002.
The New York store, situated downtown on Broadway, has 32
changing rooms, a DJ booth, and a shoe lounge. It sells $70
“skinny jeans” as well as jewelry and lingerie. The men’s
Topman clothing line includes retro t-shirts and suits.
Topshop enters the U.S. market with competition from
Stockholm-based Hennes & Mauritz AB, Inditex SA’s Zara shops,
and Polo Ralph Lauren Corp.’s Club Monaco brand. Topshop already
sells some clothes in the U.S. through partnerships with
retailers including Barneys.