Forever 21 is one of the fastest growing American retailers in Europe.
Forever 21 is one of the fastest growing American retailers in Europe.
BACK TO THE BEGINNING
Forever 21 opened in Los Angeles in 1984. The store was called Fashion 21. By the end of the first year, sales had risen from $35,000 to $700,000. The founders, husband and wife Do Won Chang and Jin Sook Chang invested their success by opening new stores every six months, eventually changing the name to Forever 21. In 1989 the pair opened their 11th store and first mall store, in Panorama City, California and began expanding across America from Calfornia in 1995. International expansion started in 2001 when the first store was opened in Canada.
The offer broadened again in 2006 when 21 Men launched and, in 2010, Love 21 and Forever 21 Girls were added. Also in 2010 the first UK store opened.
ON OFFER TODAY
Forever 21 is the 5th largest specialty retailer in the US. It is known for selling fashion at economical pricing and it also sells accessories and beauty products. The average store is 38,000 sq ft and the largest is approximately 162,000 sq ft .
WHERE TO TOMORROW?
Forever 21 has a goal to become an $8 bn company by 2017 and open 600 stores in the next three years. The retailer is looking to boost its presence in Europe to build on its existing portfolio of 25 stores across the region, according to retail consultancy FSB Retail. It is understood that Forever 21 is also in talks to open its first store in Rotterdam in the Netherlands and its first shop in Madrid, Spain. Forever 21 is also looking to open additional stores in Paris and Barcelona, where it has one and three stores respectively. It is looking for store formats of between 15,000 to 25,000 sq ft, all of which are set to open over the next two years.
FACTS AND FIGURES
Sales in 2013: According to Forbes, as at December 2013, Revenue at Forever 21 was $3.7 bln.
Nr of stores worldwide:: Around 480 stores under the Forever 21, XXI Forever, For Love 21, Heritage 1981 and Reference banners, and rising. Stores are located across the US, Canada (32), Europe, South East Asia, South America, India, China and the Middle East.
Nr of employees worldwide::30,000 (Forbes)
Nicky Godding
Retail editor
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