Three more London locations are under negotiation, and Uniqlo plans to expand aggressively to its target of 50 UK outlets.
Founded by Tadashi Yanai just four years ago, Uniqlo has grown at a phenomenal rate in Japan, and now has 487 branches. The format has bucked the recessionary trend in Japan by focusing on well-merchandised fashion at affordable prices. Retail analysts Management Horizons Europe say of the company: 'The concept's key strengths lie in its excellent range, competitive prices, a high quality of visual merchandising and strong in-store disciplines.'
The first UK lease to be signed is at the Crescent, FISPAM's 180,000-sf mixed retail and leisure scheme in Wimbledon, London SW19. FISPAM has agreed a 15-year lease with Fast Retailing UK Ltd, Uniqlo's UK holding company, on a 7,880 sf unit.
The Crescent, which will be completed in late summer 2002, is almost 95% pre-let or under offer. Safeway, the anchor operator for Phase I, has just opened its new-format 41,000 sf store, while the Odeon cinema that anchors Phase II, is due to start its fitout in June 2002.
FISPAM was advised by Molyneux Rose.
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