Wet Seal Plans to Open New Stores in 2002

FOOTHILL RANCH, CA-Wet Seal Inc., the Foothill Ranch-based clothing retailer, has announced that it will open more than 50 new locations over the current fiscal year.

Company officials say that although they will close around 27 locations in 2002, they plan to open around 50 Wet Seal stores, 15 to 20 Arden B. stores and 10 to 15 Zutopia stores. The average new retail space will encompass 3,300 sf and will requires an initial investment of $308,000, according to a company statement. “Based upon sales of $300 per sf, which the company believes it can achieve in these new stores, the return on the company’s investment in the first full year of operation is estimated to be approximately 75%,” company officials add.