The Tokyo-based retailer operates some 450 stores in Asia and views America as the next big opportunity.
The New York store is located at 579 Broadway between West Houston and Prince Streets and is 2,900 square feet. It is technically a pop-up — the company signed a one-year deal for the space — but if successful, it will look for a space triple the size for a permanent store, according to Osamu Yunoki, chief executive officer of GU Co. Ltd.
He said it’s also undecided how many stores the U.S. market can support, “but we’d like to open as many as Uniqlo,” he said. “It will be difficult to catch up, but the goal is to open GU stores side-by-side with Uniqlo flagships around the world.” Uniqlo operates 2,300 stores worldwide and 44 in the States.
The assortment was brought directly from Japan so there are signs throughout the store warning customers that the sizes run small. Yunoki doesn’t expect that to be a problem and said the sizing can be adjusted in the future. But he’s willing to observe and absorb the results before making any other major moves.
The parent company blamed the downward trend on “sluggish sales of spring items,” and production and distribution issues that caused the delivery of popular items to be delayed. “Colored slacks, light denim tuck-wide pants, sweatshirt-style T-shirts, etc., performed well, but we couldn’t introduce them in a timely manner, so overall sales failed to rise,” and markdowns had to be taken, the earnings report said.
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