The group has signed a lease for a 40,000 square foot landmark building built by Henry Goelet in 1931, located on the corner of 49th Street and adjacent to the Rockefeller Center. The store's interior is set to become "an important milestone in retail architecture," according to a company statement. The upper levels will feature art deco details, while the lower levels will be styled in a more contemporary fashion.
Topshop to open US flagship store in ManhattanThe flagship store will offer the full range of collections for both brands as well as exclusive, collaborative and trend-led lines. The new store is scheduled to open fall 2014 and several hundred new jobs will be developed alongside its opening, both within retail and new head office US operations which will be based in New York.
In a press statement, Sir Philip Green commented: "I am very excited about Fifth Avenue, having looked for a location there for many years, and I believe this corner is both hugely prominent and perfectly located for our brands. I am also delighted to be entering new markets for the first time in the other great cities."
While the new flagship store is under construction in the meantime, Topshop and Topman will also continue expanding further into the US with four additional store openings across the country. New stores will be opened in Fashion Valley, San Diego and Springfield Town Center in Washington in 2014 and in Galleria Mall Houston and Lennox Square Mall in Atlanta in Spring 2015. While the stores in San Diego (17,500 square feet), Houston (16,500 square feet) and Atlanta (15,500 square feet) are set to become joint stores, the store in Washington (5,000 square feet) will only feature Topshop.
The group has also been working hard to expand Topshop's current presence in US department store chain Nordstrom. Topshop is currently present in 42 Nordstrom stores and Topman in 49 stores as well as online in the Nordstorm website, with plans to extend Topshop to 52 stores and Topman to 55 stores this spring. Sir Philip Green is reportedly set to spend between 40 and 50 million dollars refurbishing the new New York flagship store, as well as preparing other store openings, according to Reuters.
Sir Philip Green added that: "Following the investment of Leonard Green & Partners in December 2012, it was always our plan to significantly expand Topshop and Topman in the USA, and their input and expertise within this market has been very welcome. In addition to our flagship stores expansion, we are continually developing our topshop.com and topman.com US sites, and our on-going partnership with Nordstrom continues to develop."
The group will also continue with the international franchise expansion of Topshop and Topman and is set to open 15 stores in 8 countries such as Russia, Turkey and Vietnam over the next 6 months.