The Hampstead, Md.-based men’s wear retailer said Tuesday it will open 30 to 40 stores in fiscal year 2010, an increase over the 10 to 15 units it will add in this fiscal year.
“Quality real estate opportunities are beginning to open in the marketplace and we are ready to expand our store base at a more rapid rate,” said R. Neal Black, president and chief executive officer. “We believe we are poised to take advantage of these opportunities as a result of our strong financial position. We have a proven ability to open 60 stores a year and these future store openings will put us back on the track we were on prior to the national economic crisis.”
The company has opened over 350 stores in the past 10 years and expects to add at least 130 more as part of its announced long-term intention to operate 600 units around the country.
Black said the company downscaled its store openings in 2009 only because the right real estate wasn’t available. “We never stopped,” he said. “It’s just that the real estate stopped. We’ve always had the interest, ability and resources to keep going.”
Black said that in recent years, a “big part” of Jos. A. Bank’s real estate strategy has been to seek out “new construction, particularly open-air centers. But construction on those developments stopped in the second half of last year. So we had to regroup and look at second-generation space. Now that we’re comfortable with that, we’ve come back out and said we’re getting back on track.”
Black noted that most of the new stores will be in existing markets — the company operates 467 stores in 42 states — rather than new areas. “During this phase of the economy, we’re focusing on filling in,” he said. “We don’t see any new states coming on board in 2010.”
The company’s real estate team is looking at a variety of locations, from freestanding street spaces to malls and big-box centers. “Wherever the customers are, that’s where we’ll be,” Black said. “We’re even thinking we may be able to get locations we couldn’t have before the recession.”
In the first quarter, Jos. A. Bank reported net income rose 16.5 percent to $11.5 million, or 62 cents a share, from $9.8 million, or 53 cents, a year earlier. Sales for the quarter ended May 3 increased 11.4 percent to $161.9 million from $145.4 million. Comparable-store sales rose 4.3 percent as direct marketing sales advanced 12.1 percent.
Black said second-quarter results are scheduled to be released next week, but “through the first quarter, our sales are OK and we’re making money. We have plenty of cash and can open stores. It’s time to be aggressive.”
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews