Word: zara
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...cobblestone streets. Many gather near the iconic Freedom Monument, erected in 1935 in honor of the young nation's earlier experience of independence, which lasted only from 1921 to 1940. Today, the locals flock here to listen to jazz, snack on sushi and parade around in the latest Zara jeans. Down the street, billboards advertising Swedish banks (and McDonald's) mingle with a backdrop of copper-green medieval spires. Visitors wanting to understand the city's deep commitment to free trade could explore its many history museums. Or they could take a look at something more current: the carefree faces...
...rise of fast fashion, which uses a speeded-up production cycle to rush designer-inspired clothes to moderately priced retailers like Zara and H&M, has breathed new life into secondhand stores like Buffalo Exchange by boosting their supply of barely worn apparel. "H&M is our bread and butter," says Stevenson, 27, as she flips through a carousel of blouses from H&M, American Apparel, Benetton and the Gap with prices ranging from $7.50 to $14 apiece...
...rivals, on the other hand, have been quick to pile into the relatively untapped U.S. market--while fast fashion accounts for around 12% of the British clothing market, it is just 1% of the total in the U.S., according to Bain, a consulting firm. Spying massive opportunities, Spain's Zara has two dozen stores in the U.S.; Swedish chain H&M boasts more than 100. Not Topshop. Though it has sold individual collections in America--along with the Kate Moss range at Barneys, Topshop's Unique line sells in the Opening Ceremony boutique in New York City...
However, with competitors like H&M and Zara already flourishing in the U.S., is there room for Topshop? "H&M and Zara are hitting the ball out of the park," says Howard Davidowitz, chairman of Davidowitz & Associates, a New York--based retail consultancy. But thanks to its broader customer appeal, Davidowitz says, the potential for Topshop "is better than either of these." Not that there isn't plenty of opportunity to occupy Topshop at home. The company is looking at ways of expanding its brand into new areas in Britain too, from confectionery to luggage to footwear. With Topshop stores...
...struggled to compete with Zara's short turnaround time, but that advantage largely disappears in Asia. H&M sources more than 60% of its products in the region, more than half of that from China, compared with Inditex's 34%. "H&M has been in Asia as a manufacturer for 30 years," says retail analyst Henrik Schultz of Danske Equities in Copenhagen. "It has a broader choice of suppliers, and strong relationships already in place. For perhaps the first time, it can set the timetable for trends...