AllSaints has put British fashion firmly on the global map after it racked up sales of nearly $1m (£680,000) in its first week of trading on New York’s iconic shopping thoroughfare Broadway.
The premium fashion retailer, which opened its 14,000sq ft New York flagship late last month, is understood to have smashed its sales targets in its first full week of trading at 512 Broadway, despite following AllSaints’ typical strategy of keeping openings under the radar and adopting no marketing activity.
Sources said a good benchmark performance from a 14,000sq ft trading space on Broadway would be $500,000 (£340,000), with the average weekly turnover target about $300,000 (£204,000).
AllSaints is only the second British fashion retailer to take the bold decision to open on Broadway, a cut-throat street which is also home to US retailers such as Banana Republic and Urban Outfitters, upscale department stores including Macy’s and international chains such as Uniqlo and H&M.
AllSaints is just a few hundred yards away from Topshop on Broadway but is thought to have beaten Green’s Topshop New York sales figures last week.
AllSaints chief executive Stephen Craig declined to comment specifically on the New York store’s sales figures but said: “It’s our flagship in the capital of our planet. Although it’s early days, the consumer reaction has been tremendous, with world-leading sales densities and we are trading well ahead of expectations.”
He added: “It [Broadway] is the World Cup of fashion and we’re confident of the months and years ahead. This was achieved with no marketing. It’s a case of ‘turn the key in the door’ and let the consumer discover our brand.”
The New York store is AllSaints’ fourth shop in the US. It also has stores in Los Angeles, Miami and Boston.
Craig said all of the US stores were trading ahead of plan.
AllSaints, which has defied the downturn to post continual profit hikes, will open its first US store in a shopping mall in Aventura in Miami next week.
Stores in Santa Monica, Chicago, Seattle, San Francisco and Las Vegas are also scheduled to open this autumn.
Separately, Craig said like-for-like sales were ahead 36% for the year to date across the whole business.
AllSaints saw EBITDA double to £23.6m for the year ended January 31. Turnover climbed 46% to £132.9m.
The Drapers verdict
John Ryan group stores editor
“AllSaints’ first store in New York is located just where you’d expect it to be: in the heart of gritty SoHo. Trading from a large building with the tall windows and ornate steel pillars typical of this part of the Big Apple, probably the best part of the store is actually the basement. Here the combination of high ceilings and a mass of different lighting fixtures, all with an industrial feel about them and including a searchlight recovered from the Suez Canal, creates the reach-me-down chic ambience that has become part of the retailer’s essence.
As in the UK, there are sewing machines everywhere, and to add to the factory aesthetic, there’s even a loom from Sheffield that has been given a second lease of life as a display fixture.
AllSaints’ New York debut is an exercise in taking a well-established concept in its entirety to a new market.”