The chief executive of Hudson’s Bay Co. outlined Thursday his vision to transform the classic department store model by bringing a host of new retail brands and stores to this country, and fanned rumours of a possible deal with Japanese fashion giant
Uniqlo.
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Industry experts have said Uniqlo, a Japanese “fast-fashion†giant that competes with global brands such as Gap Inc., Zara and H&M, is high on Mr. Baker’s wish list of partnerships.
Uniqlo, a subsidiary of the world’s fourth- largest retail company Fast Retailing Co., with more than 1,000 outlets in Asia, France and the U.K., has been expanding into the U.S. and wants to have 200 stores in that market by 2020.
“We think Uniqlo is a dynamite company and it is very logical that they should be able to come and grow with us like Topshop,†Mr. Baker said. “But I have no comment on them specifically at this time.â€
The brand strategy appears to be paying off, albeit incrementally. Exiting electronics and shrinking the furniture department at a north Toronto store in favour of opening a two-level Topshop boutique and expanding womens’ shoes, cosmetics and handbags “took an area that was maybe $200 a square foot and it is now $700 a square foot at Topshop,†Mr. Baker said, and sales are now $500 to $600 per square foot in the expanded women’s categories. “We are looking for retailers who complement our existing brands and our existng businesses.â€