As of Apr 1, 2017, Michael Kors operated 827 total stores (including concessions), comprised of 398 stores in North America, 201 stores in Europe and 228 stores in Asia, with 614 stores being full-price retail stores (including concessions) and 213 being outlet stores.
In fiscal 2017, the company opened/acquired 159 net new stores, including 8 stores in North America, 24 stores in Europe and 127 stores in Asia, comprised of 122 full-price retail stores and 37 outlet stores. In fiscal 2018, the company expects to close between 20 and 40 full price stores. The company expects to close 100 to 125 lifestyle stores globally over the next couple years and open approximately 50 new stores, primarily in the Asia region, as well as 77 shop-in-shops, most of which will be for the men’s business.
All stores are in leased locations. Leases generally have terms of 10 years and do not have cancellation options.
There are three primary retail store formats: collection stores are located in some of the world’s most prestigious shopping areas, such as Madison Avenue in New York and Beverly Hills, and are generally 2,800 square feet in size; lifestyle stores are located in some of the world’s most frequented metropolitan shopping locations and leading regional shopping centers, and are generally 2,800 square feet in size; and outlet stores are generally 4,000 square feet in size. The company also operates concessions in a select number of department stores in North America and internationally.
|Total gross square feet (M)||2,258||2,258||1,777||1,376||944||702|
|Total gross square feet growth||27.0%||27.0%||29.2%||45.7%||34.5%||31.0%|
|Avg store gross sq ft||2,700||2,700||2,700||2,600||2,300||2,300|
|Avg store gross sq ft growth||2.6%||2.6%||1.7%||12.2%||1.0%||2.1%|