Today (April 18), Uniqlo opened its third store on Oxford Street located around Tottenham Court Road station. Spanning 14,000 sq ft over two floors, it has womenswear, menswear and children's wear, along with collaborations with British designers JW Anderson and Clare Waight Keller.
The space at One Oxford Street also features two exclusive launches including a T-shirt collection by London-based illustrator Jada Bruney, who created the in-store staircase system, as well as a play games with Japanese video game company Capcom.
The retailer currently has its UK flagship store at 311 Oxford Street and another store at 170 Oxford Street, both of which opened in 2007. With the latest Oxford Street store and Edinburgh store opening in Next week (April 25), the company will have a total of 19 stores in the UK including 16 in London.
It comes after Uniqlo parent company Fast Retailing reported a 9% year-on-year increase in revenue. ¥1.6 trillion (£8.3 billion) in the six months ending February 29, 2024, and full-year revenue is expected to reach ¥3 trillion (£15.5 billion).
by Uniqlo International sales were up 17%. ¥884bn (£4.6bn), with operating profits up 23% in comparison ¥151bn (£784m), driven by “continued expansion of new customer base” in North America and Europe.
Uniqlo will open a store in Edinburgh next Thursday (April 25).
Alessandro Dudech, Uniqlo's UK chief executive, said European flagship stores were the main growth drivers: “When we look at results by region right now, as of today , four of Europe's flagship stores are now ranked in the top 10 globally. [by sales]. Store expansion has become a real growth driver.
“I think it's a testament to the business growth happening in Europe. That is also a testament to our store expansion strategy [which focuses on flagship stores] because flagship stores are where we believe the complete experience will be evident in our stores.”
The four best-performing European stores were Cordusio Square in Milan, Opéra Garnier in Paris, 311 Oxford Street in London and Kalverstraat in Amsterdam. Across Europe, the retailer plans to open 10 new stores in 2024, including in the UK, Italy and France, followed by 15 stores in 2025 and 20 stores in 2026.
Alessandro Dudech, British CEO of Uniqlo
Dudech adds that Uniqlo's functional products have also resonated with British customers: “The other factor is the product. Some of the newest accessories have proved extremely popular, such as crossbody bags and bras. But it's not just viral products, it's also some of our core essential products like heattech [which features fabric that absorbs and retains body heat].
“We can see that customers are increasingly interested, especially UK customers, in our highly functional products. This is one of Uniqlo's key differentiators compared to some of our competitors.”
Uniqlo's product lines include UV-protective jackets, lightweight jackets and Airism T-shirts that use breathable Cupro, a regenerated cellulose fiber, to absorb and wick away sweat.
Look forward, Dudech said the two main opportunities in Europe are the womenswear market and Gen Z customers: “One thing we want to capitalize on is the market potential for women. In Europe, 2023 is the first time that women's clothing market share surpasses men's, which is a very exciting opportunity for us. We wanted to focus on finding products that truly appealed to our female customers.
“Also, looking at age demographics, when I compare our sales in Europe pre- and post-Covid, one of the biggest differences is the under-30 segment. [which went from 16% in 2019 to 35% currently]. This is a testament to how we can connect better with some of our younger customers who are becoming very satisfied with the longevity and versatility of our products.
“We are constantly looking for new opportunities and we are excited to grow our LifeWear community in the UK.”
