Robert Friedman stood on the main floor of Loehmann's new 35,000-square-foot store on Broadway between 73rd and 74th Streets, pointing to racks of contemporary brands such as Theory, Laundry, James Perse and Vince.
NEW YORK — Robert Friedman stood on the main floor of Loehmann's new 35,000-square-foot store on Broadway between 73rd and 74th Streets, pointing to racks of contemporary brands such as Theory, Laundry, James Perse and Vince.
"The contemporary, junior and casual business has been our fastest-growing area for the last five years," the Loehmann's chief executive officer said.
This marks a change for the off-pricer, whose average customer a decade ago was 55 years old. In the last five years Loehmann's has made a concerted effort to attract younger consumers. "Today the average age is 35," said Friedman, who's been at the helm of the company for 15 years along with Robert Glass, president and chief operating officer.
The Broadway store, which had a soft opening this week and officially makes its debut on Wednesday, is expected to do $20 million to $25 million in annual sales. Loehmann's stores do an average of $340 a square foot in sales, Friedman said, noting the range is $250 a square foot to $650 a square foot.
The privately held Loehmann's, which operates 62 stores in the U.S., is projected to do $540 million in sales in 2007, according to industry sources.
The company's second unit in Manhattan, the Broadway location is targeted to an affluent customer with an annual household income of $100,000 and higher. In addition to contemporary clothing, the store emphasizes juniors, casual, jeans and dresses. A small children's department with sizes up to 6X is being introduced as well. There's a more serious approach to jewelry, with resources such as Pianegonda, Scott Kay, Lagos and Robert Lee Morris. The handbag selection includes styles by Tod's, Ferré and Rado. A Michael Kors leather shoulder bag was priced at $259; a Missoni medium-sized leather bag, $189.
"We hired a full-time jewelry buyer and we're going after this business," Friedman said. "We see tremendous opportunity in accessories, handbags, intimate apparel and continued growth in the Back Room."
The Back Room, described as "legendary" on the off-pricer's Web site, dates from the Twenties, when Loehmann's was founded on Bedford Avenue in Brooklyn, and is where designer names are found. Narciso Rodriguez was represented with two rounders at the Broadway store and there were single rounders of Dolce & Gabbana, Prada, Burberry, Gucci and Blumarine. "It's the most important differentiation for us," Friedman said of the Back Room. "It's the epitome of name recognition and price. We try to mirror the labels at Bloomingdale's, Saks Fifth Avenue, Neiman Marcus and Nordstrom."
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