While retailers in several verticals have been closing stores (or taking more drastic measures) so far in 2017, Forever 21 is expanding its footprint. The fast fashion retailer plans to open more than 40 F21 RED retail locations across the U.S. in 2017.
Forever 21 launched F21 RED in 2014 as an off-price concept for family shopping. F21 RED sells an assortment of merchandise from Forever 21 and its sub-brands, including Forever 21 Men, Forever 21 Plus, and Forever 21 Kids. Forever 21 operates more than 815 stores in 57 countries.
“F21 RED expansion represents an important and exciting opportunity for our growth plan, and will allow us to bring a wide variety of product at competitive prices to new regional areas for our increasing customer base,” said Linda Chang, VP of merchandising at Forever 21 in a statement.
Though Forever 21 is in expansion mode, it is not exempt from the changing retail environment. In April 2016, the New York Post reported that Forever 21 was having problems paying its bills. This came after a 2015 report from the Wall Street Journal that Forever 21 was rethinking its love of giant stores and looking for a $150 million loan to strengthen its balance sheet.
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Apparel retailers that have announced store closings and/or Chapter 11 filings so far in 2017 include: Limited Stores, American Apparel, bcbg Max Azria, bebe and Wet Seal.
