US fashion giant Forever 21 is looking to downsize its first UK store, 18 months after its launch.
Forever 21 executive vice president Larry Meyer told the newspaper it was currently evaluating options with its landlord in order to improve the store’s productivity.
The retailer made UK pre-tax losses of £1.9m in its year to February 2011, following four months of trading from the store. It made £3.4m over the period, however this was cancelled out by its investment in the launch.
Upon opening its Oxford Street store, Meyer told Retail Week he wanted to open stores in “every major city, mall and high street”. In February he sounded a more cautious note on its UK expansion and said that the UK was a very different place to the one it entered in 2010.
Harper Dennis Hobbs is property agent for the retailer in the UK.