After announcing its impressive 17.2 percent increase in net income this most recent quarter, Urban Outfitters isn't wasting any time expanding, both in the U.S. and abroad. The sales growth, arguably an ego-boost for a brand that's always been on the lookout to open more stores, definitely gives Urban Outfitters even more fuel for its mission.
In addition to hurrying to complete its new bi-level 32,000-square-foot space on Fifth Avenue and 43rd Street in time for a holiday opening, as well as the debut launch of the company's new wedding concept, Beholden, Urban Outfitters' CEO Glen Senk announced an aggressive number of stores will spring up in the next two years. Sixteen locations will open in 2011, followed by a whopping 50 to 55 in 2012, WWD reports.
And the company's going global too. In typical divide-and-conquer fashion, Senk is eyeing both Europe, where the company just opened its first distribution center, as well as Asia: "We're looking at Japan as the entry point and our gateway to other Asian markets," he reports, with sister-brand Anthropologie most likely being the first to infiltrate. Latin America is a possible target too, though less likely in the form of brick and mortar stores and perhaps more as a direct-to-consumer market.