London—The British are coming to Manhattan: Topshop, the London-based affordable fashion retailer, that is.
Founded in 1964, Topshop has more than 300 stores including locations in New York’s SoHo, Chicago, Los Angeles and Las Vegas—not to mention its shop concepts in Nordstrom.
Now as part of its international expansion the retailer announced this week it will be opening a 40,000-square-foot flagship store on Fifth Avenue in New York, which will be its second largest store after its London Oxford Street shop.
“Fifth Avenue is probably one of the most relevant streets in the world in terms of shoppers, retail, tourists and local people…so it’s pretty key in building our U.S. business,” said Sir Philip Green, whose Arcadia Group owns Topshop.
Plans to expand Topshop were accelerated in late 2012 when Green sold a stake in Topshop to Leonard Green & Partners, a private equity firm.
Green reportedly is spending $40 million to $50 million to refurbish the flagship space located at 49th Street and Fifth Avenue in an Art Deco-designed building built in 1931 by Henry Goelet. Other stores are planned for San Diego and Washington this year and Houston and Atlanta in 2015.
Green said he expects Topshop to create “several hundred jobs” in the Manhattan store, which also will house buyers, visual merchandising and a marketing department.