Green takes a bigger bite out of Big Apple with Fifth Avenue store
SIR PHILIP GREEN is stepping up his expansion plans for Topshop in the US after announcing plans yesterday to open five new shops, including a flagship store on New York’s Fifth Avenue.
The 40,000 square feet store on the world’s second most expensive street will open in the Autumn next to the Rockefeller Center and will be Topshop’s second largest shop behind its flagship on London’s Oxford Street.
A three further joint Topshop and Topman stores are expected to open in San Diego, Houston and Atlanta in the Spring of next year as well as a standalone Topshop in Washington.
Sir Philip’s company Arcadia sold a £500m stake in its prized Topshop and Top Man brands just over a year ago to US private equity group Leonard Green Partners (LGP), paving the way for the retailer’s expansion, particularly in the US.
Sir Philip said: “It was always our plan to significantly expand Topshop and Topman in the US, and their input and expertise within this market has been very welcome.”
Topshop and Topman are present in 42 and 49 US Nordstrom department stores respectively, with the plan to extend this to 52 and 55 by this Spring.