Forever 21 is joining the crowded fast fashion scene on 5th Avenue.
The retailer announced Friday in a statement that it is opening a new flagship store on Feb. 7 at 640 Fifth Avenue, between 51st and 52nd Streets. It will be a massive space, covering 36,000 square-feet over five stories and will carry Forever 21 Men, Forever 21+, F21 Contemporary, basics, denim and shoes. The new flagship will take over the site of a former H&M store, which closed in December a few months after the opening of its own new flagship on 48th Street. It's a crowded retail neighborhood, around the corner from Rockefeller Center and on the same stretch of shops as Zara, Uniqlo, Topshop, Aldo and Aritzia.
This isn't the Los Angeles-based retailer's first opening in the area. It took over Japanese department store Takashimaya's space on 5th between 55th and 54th in November 2010 and then shut down in February 2012 (the building now contains office spaces). Forever 21 also has locations in the city at Herald Square, Union Square, Times Square and in Soho.
The massive fast fashion retailer is a modern self-made American success story: Korean immigrants Do Won and Jin Sook Chang (who are husband and wife) opened the first store in Los Angeles in 1984, only three years after arriving to the U.S. Now there are more than 690 stores in 45 countries worldwide. Do Won Chang told CNN in 2012 that the company made close to $4 billion that year. Forbes estimates the couples' net worth at $5.4 billion.
But, most importantly, teen musical sensation Cody Simpson will be performing at the 5th Avenue flagship opening next month. So the real question is: will his supermodel girlfriend Gigi Hadid be there?