UK: Topshop sets out for global growth
Arcadia Group owner Sir Philip Green wants to position his Topshop chain as a global brand with flagship stores in capital cities.
He also said that the company's Topshop opening in Manhattan, New York, was slated for October.
He said: "New York is pretty unique, but we have a brand that is going to travel well."
Speaking at the World Retail Congress in Barcelona yesterday (9 April), Sir Philip confirmed that the retailer was also holding talks to enter Hong Kong, China and India, having recently launched in Russia with seven stores.
"I think we will grow into a global business in the next 2-5 years," Sir Philip said. "If we can open up flagship stores in capital cities instead of individual shops then that is the way to go."
The Arcadia founder said that although the chain had grown fivefold in five years, its 2,400 stores were 'enough' domestically, with a level of saturation emerging amid the UK credit crunch.
"We don't want to just keep on opening stores for the sake of it," he added.
Speaking about the negative UK high street trends, he said: "The current trend is tough, I've been told that weather is for wimps but it isn't. People need a reason to go and shop when there is a squeeze on their disposable income."
By Joe Ayling, news editor.
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