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topshop is due to open its soho store later in october...
Topshop delays NY opening until Spring 2009
By Elizabeth Rigby
Published: September 17 2008 23:27
Sir Philip Green’s Topshop will not now be trading in New York this Christmas after the billionaire retailer was forced to postpone the opening of the flagship store having run into building difficulties.
But Sir Philip, who showcased the Topshop brand during New York fashion week this month, insisted that the delay until spring 2009 had nothing to do with the wider consumer downturn.
“This has nothing to with the UK,” said Sir Philip. “As people will see when we announce Topshop and Topman results, they will be the best results in their history. This has zero zip to do with anything other than the building – it has a hole through it.
“This is a major rebuild of a 150-year-old building. I tried to get it done for November, but I was trying to do it to get 30 days of trading, but in the end I decided there was too much risk and distraction.”
Topshop, which has a flagship store in Oxford Circus, has been a bright spot in Sir Philip’s Arcadia empire, which also includes the likes of Dorothy Perkins, Miss Selfridge and Evans.
However, the retailing entrepreneur, who also owns high street department store BHS, has been having a tough time in the UK market as cash-strapped consumers cut back on discretionary spend.
Sir Philip warned in April that the clothing market was becoming extremely difficult.
He said that BHS would see a fall in profits in the year to March 2008, having reported profits of £52.7m in 2007 – a big fall from the £114m the store delivered in 2005.
Sir Philip, whose retail chains are all privately owned, will release the figures for BHS and Arcadia at the end of October.
The retailer, who has spent “millions” developing his Broadway site, had originally planned to have opened two stores in New York by spring 2009.
who knows if its going to be a better economy come spring.