NEW YORK CITY-Retail Group of America announced from its headquarters here Tuesday that it has executed a 52-store lease package with Pyramid Management Group, which calls itself the largest privately owned developer of shopping centers in the Northeast. The leases are for specialty French, Spanish, German and British fashion brands that are new concepts to the United States.
Launching on both coasts, RGA plans to build a strong presence in major shopping malls nationwide, according to the announcement. Through aggressive acquisition efforts, Retail Group of America plans to further expand by bringing upwards of 11 European brands to the U.S. throughout 2013.
The announcement states that an additional 2,000 locations are targeted for opening over the next five years by RGA, the U.S. operating arm of Fawaz Al Hokair fashion retail, a Saudi Arabia-based global franchise firm. It operates franchise retail across multiple fashion classifications, including women's, men's and children's apparel, footwear and accessories, cosmetics and lingerie. With more than 70 fashion brand partners, the Al Hokair Group operates over 1500 boutiques globally. This retail operation includes locations in the Kingdom of Saudi Arabia, the Middle East, North Africa, the CIS, and in the US.
"We are very excited about this opportunity and are committed to providing the U.S. consumer with a new, diverse European fashion perspective,” says Aaron Eisenberg, CEO of RGA, in a statement. “By identifying brands, acquiring them, and building these stores, we are creating a new market for the U.S. shopper. We are just beginning this unprecedented venture, with further expansion planned for the near future. I'm excited to see anticipation grow and to open our doors to this new consumer."
Adds Stephen Congel, CEO of Pyramid, in the announcement, “It is very unique to have the opportunity to open stores on such a large scale that are completely new to the United States and we are thrilled to be able to accomplish that with RGA.” Pyramid is based in Syracuse, in upstate New York.
RGA operates the U.K.-based fashion brands Monsoon and Accessorize, with 24 brick and mortar locations across the east coast and midwest. Monsoon provides clothing for women and children while the Accessorize brand sells jewelry and accessories.
Pyramid's holdings include three malls in Massachusetts, including one in the Berkshires, and a number of spots around New York State, including some in Dutchess, Orange and Rockland counties, three in the Albany area, and several farther upstate.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
