LONDON — Philip Green is one giant step closer to moving Topshop to New York City.
The retail tycoon and owner of Topshop’s parent Arcadia is planning to open three Topshop units in Manhattan, with the first likely to open within nine months.
“Three stores gives us the volume and scale that we need,” Green told WWD on Sunday. “It’s just as easy for us to service two to three stores as it is one.”
Green has had his eye on a Big Apple flagship for quite some time. As WWD reported on August 31, Green’s aim originally was to open the first New York store this fall.
Green is set to invest $100 million on the trio of stores, covering a total of 150,000 square feet. He is said to be looking for space on Madison, Lexington and Fifth Avenues and in Midtown. He is also expected to open a New York office to support the expansion, as well as units on the West Coast.
Green said that he is still searching for the spaces, however. “We’re talking to two to three real estate companies and as soon as we find something, we’ll make plans to open,” he said Sunday.
As reported, Green was in Manhattan last week for the Met’s Costume Institute gala, and told WWD he was set to seal a property deal for the first U.S. Topshop. The Kate Moss for Topshop line currently sells at Barneys New York.
This story first appeared in the May 14, 2007 issue of WWD. Subscribe Today.