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The store, scheduled to open April 29, will have one underground and four aboveground floors for a total retail area of roughly 1,750 sq. meters. It will be situated near the sites of such retail giants as global No. 3 casual-clothing retailer H&M Hennes & Mauritz AB of Sweden and Gap Inc. of the U.S., as well as a Uniqlo T-shirt shop.
Forever 21 sells women's dresses for US$29, or around 2,780 yen, and offers T-shirts for US$5.80, or some 560 yen. Men's jeans carry a price tag of US$29.90, or about 2,870 yen.
Popular among young women, Forever 21 launched its first store in Los Angeles in 1984. Unlike Fast Retailing Co.'s (TSE: 9983) Uniqlo brand, the company buys clothing from various manufacturers, which come up with product designs. It also puts new items on store racks each day. The bulk of Forever 21 shops are located in North America, but it also operates in China, South Korea , the Middle East and elsewhere, bringing its global network to some 430 outlets.
For the year ended in February, Forever 21 rang up sales of some US$1.7 billion, or about 163.2 billion yen, up 33 per cent on the year. The Japanese market could be worth a few hundred billion yen in the future, says Vice President Larry Meyer.
Down the road, Forever 21 aims to focus store openings in Tokyo and other big cities.
(Nikkei)
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