Upmarket fashion chain to open store in Liverpool
May 9 2008 by Bill Gleeson, Liverpool Daily Post
UPMARKET fashion group Austin Reed yesterday revealed plans to return to Liverpool after three decades away from the city.
The retailer is opening a 2,400 sq ft store later this month at Grosvenor’s Liverpool One development.
Austin Reed’s new Liverpool store is part of an expansion programme that will see a total of 30 shops open this year.
The group, which also operates the womenswear clothing chain CC, wants to grow its UK sites from 329 to nearly 360. It currently has 96 Austin Reed stores and concessions, as well as 233 CC stores – which previously traded as Country Casuals.
The retailer delisted from the London Stock Exchange in January last year, after it was bought for £49m by Guy Naggar and Peter Klimt, the owners of corporate finance group Dawnay Day.
In its first full year as a private company, like-for-like sales rose by 0.8%, with total UK and Ireland revenues 1.8% ahead at £110m. Underlying profitability also improved during the year, from £6.7m to £8.8m.
The group has already opened a new store in London’s Fenchurch Street and another concession in Belfast. As well as Liverpool, other stores in Newcastle and Edinburgh are also scheduled to open this summer. At least nine standalone CC stores, at locations including Bridport, in Dorset, and Bridgnorth, in Shropshire, and 10 concessions, are also in the pipeline.
A CC outlet opened in Heswall last year.
Chief executive Nick Hollingworth said: “We are very pleased to be coming back to Liverpool. We are also very pleased to come to Liverpool One because we are sure it’s going to be a big success.
“The core customer for Austin Reed is doctors, company directors and successful business people. There’s a lot of those people in Liverpool.
“When I took over as chief executive four years ago, I quickly identified Liverpool as a place I wanted to get into. I was surp-rised we weren’t there already.”
Mr Hollingworth said the retailer was pushing ahead with its expansion programme despite concerns about current economic conditions and falling consumer spending.
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“Now is an excellent time to be looking at stores, there’s a lot of retail space coming on to the market.
“Conditions are difficult and customer confidence is low. On the other hand, there is a lot of space coming onto the market at the moment and you can get some good deals from landlords,” he said.
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