28% of New U.S. Stores in Last 5 Years Are Foreign-Owned

Foreign retailers are increasingly setting up shop in the U.S., with nearly 19,000 new stores opening between 2018 and 2023, and about 28% of those being foreign-owned. Retailers like Ireland’s Primark, Spain’s Mango, Canada’s Aritzia, and Japan’s Uniqlo are expanding their presence across the country. Primark, with 29 U.S. stores, aims to reach 60 by next year, planning new locations in diverse regions like El Paso, Texas, and Miami, Florida. Mango has announced a $70 million expansion, planning 42 new U.S. stores in 2024 and 20 more this year. Aritzia now has 61 U.S. stores, with plans for further expansion. The U.S. market’s resilience and fragmented retail landscape make it attractive for these international brands. Social media has also played a significant role, with 63% of consumers under 25 and 57% of those aged 25-34 discovering new products or brands weekly through these platforms. However, the U.S. market share for these retailers remains small, with Primark’s U.S. sales accounting for about 5% of its global sales.

Source: www.cnbc.com