South Moon Under To Expand, Move HQ
While some analysts are predicting the death of brick-and-mortar retail, one Maryland clothing store is bucking the trend with plans to expand from a regional chain to a national one. South Moon Under says it plans to more than triple the number of stores it operates within the next five to seven years, the Baltimore Sun reports. It expects to double revenue to $100M during that time.
The company also plans to move its headquarters from Berlin to Annapolis this August. Columbia's JBD Capital and a management team that includes the founder of White House Black Market bought a majority stake in March. South Moon Under has locations in Maryland, Virginia, Connecticut, New Jersey and Pennsylvania.
The expansion will include new outlets in Florida, South Carolina, North Carolina and Georgia, the Baltimore Business Journal reports. The company plans to hire new managers, merchandising and marketing staff. [BBJ] [Sun]
