Urban Outfitters (NASDAQ:URBN) plans to open 25 to 50 Anthropologie stores in the next five years that will be three times larger than the typical 7,100 sq.-ft. store. The company will also test the larger format for the Urban Outfitters and Free People chains, reported Bloomberg.
Anthropologie, looking to become a lifestyle brand, will increase its inventory to include wedding, beauty, home goods and intimates. The store will also create an atmosphere conducive to hanging out. The brand's most recent example of this concept store is the opening of an Urban Outfitters 'his and hers' flagship in Westwood Village, California, which includes a music store, bookshop, a vintage pottery shop and a photobooth.
The brand's move stands in contrast to what many retailers are doing. Whereas some stores are shrinking in size to accommodate for smaller, urban-centered locations, Urban Outfitters is breaking away from that trend.
The brand does not intend to open more stores, but will instead focus on remodeling existing locations. The company has a self-imposed cap on the amount of stores it opens in the United States: no more than 250 Anthropologie and Urban Outfitters.
Like other apparel retailers facing competition from fast-fashion brands, Urban Outfitters is looking to grow marketshare through other means. The brand wants to increase sales by going beyond apparel into other categories.
Despite the stiff competition, the brand has still managed to catch the attention of consumers. Urban Outfitters recently made the list of the 500 Fastest Growing Brands on social scrapbooking site Pinterest. And year after year, the brand consistently makes the list of NRF's Hot 100 Retailers with the greatest increase in U.S. sales.
-See this Bloomberg article
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