British retail billionaire Philip Green is to
step up the expansion of his Topshop/Topman brands in the United States with
the opening of a flagship store on Fifth Avenue, New York, his Arcadia retail
group said on Wednesday.
The 40,000 square foot Manhattan store is
scheduled to open in the third quarter of this year on the corner
of 49th
Street, adjacent to the Rockefeller Centre in a registered art deco building
built by Henry Goelet in 1931, reported by Reuters.
Green has long sought a Fifth Avenue location.
It will be the Topshop brand’s second largest
store in the world after the 90,000 sq ft British flagship on the corner of
London’s Oxford and Regent Street.
Several hundred new jobs will be created both
within retail and new U.S. head
office operations based in New York.
Green will spend $40-50 m on fitting-out the new
Manhattan store as well as on store openings in San Diego and Washington in
2014, and in Houston and Atlanta in 2015.
Details of the rent he is paying were not disclosed.
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