Joe Fresh’s anticipated New York opening excites tourists, not analysts
Joe Fresh is making the move to New York this fall, but some skeptics suggest that the Mimran dynasty may have to pull back to Canada sooner than anticipated. Analysts seem mixed on the potential success of yet another fast fashion retailer. The Financial Post notes that companies who moved south of the border (among the fallen are Danier, Harry Rosen, Tristan, La Senza and Brown’s Shoes) haven’t always been welcome, while the New York Times highlights a boom in tourist traffic around Joe’s chosen 5th Avenue and 43rd Street location.
Of course there are some Canadian success stories, like Lululemon and Tim Hortons, but the Post seems to think that Joe Fresh’s main competition in N.Y.C. is Uniqlo, a Japanese retailer known for its collaborations with design stalwarts like Opening Ceremony and Jil Sander. Uniqlo has the advantage of already being a globally established brand, with a market far larger than Joe’s loyal followers of frugal and shopping-obsessed Canadians. But hey, this is Joe’s first step down that road. What’s there to be skeptical about? If Joe could get people to buy clothes while shopping for Memories of Marrakech couscous, we’re sure they can get New Yorkers to buy cheap sweater sets.