Developers of Scottsdale Quarter, the retail-residential-office project under development southeast of Greenway-Hayden Loop and Scottsdale Road, have landed long-sought global retailer H&M.
The high fashion-low price clothing giant plans to open its first Arizona store in Scottsdale in spring, 2009, a company spokeswoman said Thursday.
H&M is one of several landmark shops planning to move into the 365,000-square foot upscale shopping center across the street from the slightly smaller Kierland Commons, said John Corritore, president of The Corritore Company, the specialty retail brokerage that is brokering the deals.
H&M, corporate name Hennes & Mauritz AB, sells men’s, women’s and children’s clothing. It was founded in Sweden in 1947, and now has 1,500 stores in 28 countries, including 150 U.S. versions.
“H&M is one of the most impactful international retailers to land in the United States,” Corritore said. “They deliver fashion-forward designs at price points somewhere between The Gap and Banana Republic. People will drive from all over the Valley to shop there.”
When the H&M opened at Union Square in San Francisco, huge lines formed because of the anticipation of shopping at the international retail giant, he said.
“The U.S. has been one of H&M’s most important expansion markets since the company’s New York debut eight years ago,” H&M said in a release announcing the Scottsdale plans. “H&M strongly believes in the Scottsdale market and is proud to be a part of a growing area that attracts upscale, trendsetting consumers. The one-story location will measure approximately 15,000 square-feet and offer discerning shoppers access to high quality trends and complete looks to dress their own personal style.”
Corritore said H&M will be part of the first phase of Scottsdale Quarter, which will include 140,000 square feet of shops and two large parking structures to accommodate the expected influx of savvy shoppers.
Several other first-in-the-market retailers are also targeting space in Scottsdale Quarter, he said, but Corritore wouldn’t reveal names.