Victoria's Secret Plans New Mega-Flagship Near Rockefeller Center
Aside from one new mega-addition near Rockefeller Center in Manhattan, L Brands is remodeling most of Victoria's Secret's 1,000-plus US stores, as it shifts its focus to overseas expansion.
Next year China and Russia are getting two stores each, while Singapore and Mexico will get one. Meanwhile, the 18 stores in the UK, and in the Middle East and Turkey, will increase to 24 stores by the end of the year. L Brands expects to open more than 50 full Victoria's Secrets outside North America by the end of 2016, Columbus Business First reports.
Since launching five years ago, the international business has grown to 1,032 stores in 77 countries, bringing in $2.2B in annual sales. That comes out to around $400M in revenue.
We learned last month that Victoria's Secret is opening a new 64k SF flagship store featuring 80 feet of frontage at the corner of Manhattan's Fifth Avenue and 51st Street. The new store, which is slated to open in fall 2016, will be right by Rockefeller Center, St. Patrick's Cathedral and Radio City Music Hall.
L Brands International president Martin Waters says they are not looking to bring on more franchise partners. [CBF]
