Forever 21 announced the opening of a three level store in Sydney, Australia. The 30,100 sq. ft. store, located in the Pitt Street Mall, is the retailer's third and largest Australian store to open in the last eight months.
In partnership with Middle Eastern licensee Sharaf Group, the new store will be located in the world's fifth most expensive retail neighborhood, with an average rent of $1,016 per sq. ft., Women's Wear Daily reported.
The store stocks women's wear, Forever 21 Plus, Forever 21 Contemporary, accessories, cosmetics, lingerie and Forever 21 Men. The retailer's menswear is the fastest growing category, doubling from 3 to 8 percent of the product offer in 2014.
Prices in Australia are similar to those in the United States. Other Australia locations are in the works, but the company wants to make sure the bases are secure before expansion.
The Sydney flagship is one of 150 stores that Forever 21 plans to open this year, with another 150 planned for 2016. By 2017, the company hopes to reach 1,200 stores or $8 billion in revenue. Currently, there are approximately 700 Forever 21 stores in 47 markets.
Last summer, Forever 21 founder and CEO Do Won Chang announced an ambitious growth plan: to double in size over the next three years. A large part of the expansion began last April when Forever 21 introduced a new concept with even greater quantities of low-priced items called F21 Red.
In 2015, new markets will include Taiwan and Egypt. The company calls China its most challenging market, yet owns 11 stores with plans for 100 by 2020.
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