Barneys New York is blazing ahead with its nationwide expansion plans in major metropolitan markets.
The retailer is said to be looking at sites from Long Island in New York to Las Vegas and everywhere in between for full-sized flagships. It fits in with Barneys' drive to build itself into a $1 billion business under new owner Jones Apparel Group.
The expansion is the second time Barneys has attempted to roll out flagships after its ill-fated attempt in the Nineties. Barneys also faces increasing competition this time around in the turbulent retail landscape.
In an interview earlier this year, Howard Socol, chairman, chief executive and president of Barneys, said, "Right now, we are very busy planning through 2008. The number-one priority is to roll out flagships. Co-Ops are number two."
In Vegas, sources said Barneys is on the floor plans for The Shoppes at The Palazzo, opening in fall 2007, a major upscale project in The Venetian Resort. The Venetian is owned by General Growth Properties, the nation's second largest mall developer.
On Long Island, Barneys is in talks with Taubman Centers, which is planning a mall in Oyster Bay. Neiman Marcus and Nordstrom are lined up to be tenants there as well.
Those sites are in addition to the previously announced Barneys Boston flagship scheduled to open in Copley Place in the spring, and a Barneys opening in NorthPark Center in Dallas this fall. An announcement on the Dallas site ó in a former Lord & Taylor store ó is expected soon and the store should be open by next fall.
Barneys officials and real estate sources have previously cited San Francisco, Atlanta, San Diego, Miami, Washington and the Chicago metro area as potential locations for stores. The vision is for rolling out Barneys New York "flagships" through 2008 of at least 50,000 to 80,000 square feet and a full representation of designer and private label merchandise, while continuing to roll out Barneys Co-Op shops.
^I have been anxious for a long time. I always take a peek at the Boston store's construction site...of course no goods in it yet. I just hope that they have better stock there than the chestnut hill store.
Saks is quite sad now...I went there and couldn't find many things that I want even at 70% off. Their racks are still full, and I wonder where they are right now financially...
Thanks for the article Kimair!