Gloria Jeans will take the place of H&M on Tverskaya
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Gloria Jeans won a tender for the right to open a store in Moscow on the site of the largest H&M flagship in Russia at the corner of Tverskaya Street and Pushkinskaya Square at 16 Tverskaya. m – the largest in the network of the Russian retailer – will occupy three floors.
The six-story building of the Actor Gallery was erected in 1881 and completely reconstructed in 1995, preserving the historical facade. The building has been owned by the State Oil Fund of Azerbaijan since 2012, which bought the house for $133 million. The total area of the Actor Gallery is 18,000 sq. m. m, including a shopping area – 5800 sq. m, office – 12,200 sq. m.
The flagship store of the Swedish women’s, men’s and children’s clothing brand H&M operated there from 2017 to 2022. In November 2022, all H&M stores in Russia finally closed.
“The competition for the opportunity to open a store in this place was huge,” said Vladimir Melnikov, chairman of the board of directors of Gloria Jeans. Earlier, General Director of the Stockmann chain Gennady Levkin also announced plans to participate in the tender, he planned to invest at least 100 million rubles in the decoration of the department store.
According to Irina Kozina, director of street retail at NF Group (transaction consultant), the opening of a store in Akter Gallery will help Gloria Jeans to qualitatively increase its consumer audience, and its location on the central shopping street of Moscow will provide additional marketing potential for brand recognition.
The Gloria Jeans chain opened its stores in December 2022 in several areas previously occupied by H&M. By the beginning of March 2023, the retailer opened about 20 stores in the adaptation concept (after Western brands left these areas) and plans to increase the network by 130 outlets by the end of the year. Now Gloria Jeans has 675 stores.
Gloria Jeans’ revenue in 2022 was RUB 70 billion, according to the company’s unaudited management accounts. This is 15% more than in 2021. Online sales of the group reached 9.5 billion rubles.
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