Canada Goose with parka store in Park Hyatt Hotel in Chicago
Canada Goose has leased 10000 square feet in the Park Hyatt Chicago, where the maker of down parkas is planning a rarity: a standalone store
The “Arctic luxury apparel” retailer currently has just two stores, which opened in late 2016 — in the Yorkdale mall in Toronto, where the company is based, and in New York’s SoHo neighbourhood.
Now, Canada Goose is planning a two-level store in the Park Hyatt hotel, according to real estate sources. The space in the North Michigan Avenue building was previously occupied by a Giorgio Armani store, which relocated to nearby Oak Street in 2015.
Canada Goose’s Chicago store will be more than twice the size of its first two shops and is part of an expansion effort by the company, which went public in March on the New York and Toronto stock exchanges.
A Canada Goose spokeswoman declined to comment on plans for Chicago. Retail broker Peter Caruso, a vice president of Jones Lang LaSalle who represented landlord Hyatt Hotels in the lease, declined to comment.
A March 15 regulatory filing listed a 10188-square-foot “inactive” space in Chicago on a list of Canada Goose’s leased facilities, with a lease expiration of June 2027. That appears to be a reference to the future Michigan Avenue store, but the prospectus does not include addresses.
The company sees opportunities for stores in the Mid-Atlantic, Midwest and West regions of the U.S., according to the prospectus. It adds: “In the fall of 2016, we opened our first two retail stores in Toronto and New York City and anticipate opening a select number of additional retail locations where we believe they can operate profitably.”
Private-equity firm Bain Capital has a controlling interest in Canada Goose, which raised USD 255 million in the initial public offering.
Canada Goose was founded in a Toronto warehouse 60 years ago and typically sold coats to rugged outdoor adventurers. In recent years, the brand’s circular red logo became ubiquitous in large, cold-weather cities after several celebrities took a liking to the fur-lined parkas.
The company’s fiscal 2016 revenue was USD 290.8 million.
So far, most sales have been online or at other retailers’ stores. But in its prospectus, the company said it plans to open three new retail stores in fiscal 2018, with a long-term target of having 15 to 20 shops.