Forever 21’s Master Plan
Fans of fast fashion, rejoice! If there isn't a Forever 21 near you yet, there might be one soon.
In an interview with Women's Wear Daily, the retailer's founder and CEO, Don Chang, revealed that his goal is to “double the size” of his company within the next three years, bringing the total number of stores globally to 1,200.
The key to Chang's expansion plan lies in F21 Red, an even cheaper concept from the retailer where prices start at just $1.80 for a camisole, $4.80 for swimwear, and $7.80 for denim. The first (and only) F21 Red store opened near Los Angeles just a month ago. Although Forever 21 is already the leader in lower-price-point fashion, Chang believes that his customers are looking for even more of a bargain.
“Consumers are more informed and choosing more carefully than ever before. To survive in this business, you must constantly evolve,” he said. “We listen to our customers and implement change immediately to better serve them…Where there is demand, there is room for more players. We focus on identifying the room in the marketplace and, when plausible, filling it, as quickly as possible.”
The takeaway from all this? Despite the challenging retail environment, this favorite fast fashion destination is looking ahead, and hoping to stick around, well, forever.