Montevideo Shopping, the first indoor shopping center in Uruguay, is undergoing a US$6 million expansion in order to welcome the Uruguay flagship store of Los Angeles-based retailer Forever 21.
The new multi-level wing of the galleria will feature over 20,000 square feet of retail space in addition to a warehouse and logistics center to receive the low-priced merchandise popular with Millenials. A recent Goldman Sachs survey of Teen Vogue readers ranked Forever 21 the number one brand out of 350 based on factors like affinity, familiarity and word of mouth.
Both Montevideo Shopping and Forever 21 were founded in the mid-eighties when SoCal mall culture reached its apex: Montevideo Shopping in 1985 and Forever 21 in Los Angeles in 1984. Today Forever 21 is approaching annual revenue of US$4 billion with over 480 stores worldwide. The company currently operates South American outlets in Brazil (4), Colombia (4), Chile (3) and Peru (1).
The Montevideo Shopping location is being built at a cost of roughly half of what the entire shopping center cost to build thirty years ago with Montevideo Shopping spending over US$4 million and Forever 21 investing US$2 million, according to El Observador’s Mayte de Leon. The new store is scheduled to open in November. (Full Story in Spanish)
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