US fashion giant Forever 21 is looking to downsize its first UK store, 18 months after its launch.
The retailer is looking to sub-let parts of its store in Birmingham’s Bullring centre to other retailers according to The Independent. It opened the store, its first in the UK, in November 2010.
Forever 21 executive vice president Larry Meyer told the newspaper it was currently evaluating options with its landlord in order to improve the store’s productivity.
The retailer made UK pre-tax losses of £1.9m in its year to February 2011, following four months of trading from the store. It made £3.4m over the period, however this was cancelled out by its investment in the launch.
Forever 21 now has two further UK stores in London Oxford Street and Westfield Stratford City. It has signed for stores in Bluewater, Trafford Centre and Lakeside.
Upon opening its Oxford Street store, Meyer told Retail Week he wanted to open stores in “every major city, mall and high street”. In February he sounded a more cautious note on its UK expansion and said that the UK was a very different place to the one it entered in 2010.
Harper Dennis Hobbs is property agent for the retailer in the UK.