TORONTO, April 30, 2018 /PRNewswire/ - Roots ("Roots Canada" or the "Company") (TSX: ROOT), an iconic lifestyle brand with a rich Canadian heritage, today announced it is opening two U.S. retail locations in the Greater Washington, D.C. area in August 2018.
"We believe the U.S. represents a minimum 100-store market opportunity for us, which is an important long-term growth driver." said Jim Gabel, President and Chief Executive Officer of Roots. "We will have four new stores open by the end of the summer, moving us well down the path toward our target of 10 to 14 new U.S. retail locations by the end of 2019. We are confident our inclusive lifestyle brand with its legendary feel, will resonate well with U.S. customers. With a growing retail footprint and an e-commerce platform that ships to all 50 states, we are increasingly able to bring our iconic Roots brand to a broader base of customers across America."
Roots is bringing its premium lifestyle brand (consisting of apparel, leather goods, footwear and accessories) to Washington D.C. by opening a 3,550 square foot store on M Street, the pinnacle of high street retail located in the Georgetown neighbourhood. The store will be one of the Company's award-winning "Enhanced Experience" formats, where shoppers will be able to engage with the distinct character and heritage of the Roots brand, while interacting with product in a visually stimulating and socially connected environment. Going well beyond featuring the Company's world-famous sweats, shoppers will be able to customize a selection of handcrafted leather bags and awards jackets, as well as enjoy a heritage wall, customer lounge and other design features that will add to the in-store shopping experience.
The second Roots location in the area will be a 3,200 square foot store in Pentagon City, a Super Regional Mall in Arlington, V.A. In a high-growth office and residential market, located moments away from Washington D.C. and on the Washington D.C. metro system, Fashion Centre at Pentagon City is home to more than 170 stores, including many flagship retail brands.
Established in 1973, Roots is an iconic Canadian lifestyle brand with a rich heritage and portfolio of premium apparel, leather goods, accessories and footwear. Roots delivers products to customers through its store network, online platform and international partnerships. As of February 3, 2018, Roots integrated omni-channel footprint included 116 company retail stores in Canada, three company retail stores in the United States, 110 partner-operated stores in Taiwan, 32 partner-operated stores in China and a global e-commerce platform. Roots Corporation is a Canadian corporation doing business as "Roots" and "Roots Canada".
Certain information in this press release contains forward-looking information. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.
See "Forward-Looking Information" and "Risk Factors" in the Company's Annual Information Form for the fiscal year ended February 3, 2018 for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
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SOURCE Roots Corporation