At a time when American retail chains with shopping mall presences, like Abercrombie & Fitch, Coldwater Creek and Talbot’s, are cutting back, foreign retailers are working to increase their American presence. The New York Times reported that this is especially true with Japanese basics retailer Uniqlo, which recently signed a lease at the Garden State Plaza mall in Paramus, N.J., in a new effort to grow at malls.
The New Jersey store has 43,000 square feet, as well as external exposure through signs that can be seen from a nearby highway and from the mall’s parking lot. The asking and taking rents were not mentioned. Uniqlo, which opened a Fifth Avenue New York City flagship this past fall, aims to open 20 to 30 new mall locations each year over the next eight years.
This fits into a trend of other overseas brands, such as lower-end Massimo Dutti and Topshop and higher-end Bottega Veneta and Balenciaga, that are now working to increase their retail presence in America. According to the Times, foreign companies are more interested in American openings because of relatively easy access to credit, cheaper rents and placement for growth. [NYT]