Under Armour to Open Retail Stores
Under Armour, Baltimore, recently announced it will open 200 stores in 2016, according to TheStreet.com.
The revelation was made last week by Under Armour founder and CEO Kevin Plank during his keynote speech at Retail’s BIG Show, an annual National Retail Federation conference. According to media reports, although Plank did not disclose the mix of formats those 200 stores would comprise, the composition is likely to be a mix of several store types.
This is not Under Armour’s first undertaking in retail operations. Globally, the company operates 144 owned factory stores, which sell more affordable workout gear than is normally found at department stores, online and at sporting goods retailers. The company also owns 29 “brand houses,” large retail establishments that feature premium collections.
The company is likely to focus on China with many of its new store openings this year, according to TheStreet.com.
“We see a great opportunity [in China] — it’s going to be our second-largest controlled market and is growing exponentially,” Plank said on an Ot. 22 call with analysts. By “controlled,” he was referring to retail stores directly operated by Under Armour.
The company’s retail store expansion should help stem lost sales at one of its biggest partners, Macy’s, which is continuing to close stores, including an estimated 36 locations by early spring.
For more information, visit underarmour.com. — J.L.