Page 10 - #181 May 2023

AMERICAS

IKEA TO INVEST OVER $2.2BN IN NEW US STORES AND
PICK-UP SITES DURING NEXT THREE YEARS

The Swedish home and furniture giant will invest more
than $2.2bn during the next three years in its omni-
channel growth strategy. In the first phase of the initiative,
Ikea plans to open eight new stores and 900 pick-up
locations where customers can collect purchases.
In addition, it will open nine “Plan & Order points,”
including a location in San Francisco and at Pentagon
Centre shopping centre in Arlington, Virginia, both of
which are set to debut this summer. The Plan & Order
sites, an extension of IKEA’s Planning Studio format,
provide personalised assistance on home projects.
Customers can order goods to be delivered to their
home or picked up at one of IKEA’s collection points.
No items are stocked in the store for take home.
IKEA said the new investment will bring it closer to
US customers both physically and digitally - making it
easier and more convenient to shop.

CARIBOU COFFEE IS ON THE FAST-TRACK FOR EXPANSION VIA FRANCHISING. THE COFFEE CHAIN, PART OF PANERA BRANDS, SAID IT HAS SIGNED SEVERAL MULTI-UNIT DEVELOPMENT
AGREEMENTS TO FRANCHISE MORE THAN 300 NEW LOCATIONS DOMESTICALLY. CARIBOU COFFEE LAUNCHED ITS FIRST-EVER DOMESTIC FRANCHISE PROGRAM IN OCTOBER 2021. IN MARCH
THE FOLLOWING YEAR, THE CHAIN ANNOUNCED THE SIGNING OF ITS FIRST MULTI-UNIT DEVELOPMENT AGREEMENT WITH MIKE MARIOLA RESTAURANTS TO FRANCHISE LOCATIONS IN
OHIO. MARIOLA OPENED ITS FIRST CARIBOU COFFEE LOCATION IN LATE 2022, IN WOOSTER, OHIO, WITH PLANS TO DEVELOP 60 SITES IN THE COLUMBUS, DAYTON AND CINCINNATI
MARKETS. MOST RECENTLY, THE BRAND ENTERED INTO ITS LARGEST DOMESTIC FRANCHISE AGREEMENT TO DATE WHICH WILL SEE 60 CARIBOU LOCATIONS OPEN IN FLORIDA.
SKIMS LAUNCHES AT AUTHENTIC BRANDS GROUP
SAKS FIFTH AVENUE INKS DEAL WITH VINCE

This partnership marks an important milestone for SKIMS, further The Authentic Brands Group business continues to dive deeper
solidifying multi-brand retail as an essential pillar in the brand’s into fashion. The brand owner and development firm has entered
growth strategy, as it aims to reach and acquire customers beyond into a partnership with Vince Holding Corp. (VNCE) to acquire
its direct audience. the Vince brand intellectual property. Under the terms of the
The partnership signifies an opportunity for SKIMS to leverage agreement, the Vince brand will operate within a subsidiary in
Saks Fifth Avenue’s extraordinary network and make an impact Authentic called ABG Vince.
within the luxury ecosystem. In return, Authentic will pay VNCE $76.5M in cash and a 25
Beginning late last month, SKIMS was available for purchase on per cent interest in the new subsidiary. Through the agreement,
Saks.com and in the Sak’s Fifth Avenue New York flagship, with plans Authentic will own the majority stake of 75 per cent membership
to open additional doors across the US, including Bal Harbour, interest in ABG Vince. In connection with the partnership, the
Houston and Boston throughout the rest of the quarter. The product two companies signed a ten-year license that will allow Vince to
assortment features SKIMS’ signature collections, including Fits continue running its current operations with the option for eight
Everybody, Seamless Sculpt and Cotton. 10-year renewals.
The brand worked closely with Willo Perron of Perro-Rottinger to Founded in 2002, the brand offers women’s and men’s clothing,
design its dedicated shop inside the fifth floor of Saks New York. The footwear and accessories through 50 full-price retail stores, 17
space features SKIMS signature rounded edged features, inclusive outlet stores, its e-commerce site and through its subscription
mannequins and a shapewear wall. service, Vince Unfold.

10 RETAIL & LEISURE INTERNATIONAL MAY 2023