Lifestyle giant Indigo in Metropolis at Metrotown is part of sales surge
Largest book and lifestyle retailer in Burnaby’s largest mall is seeing revenue rebound.
Indigo Books and Music Inc., which operates out of Metropolis in Metrotown, says an increase in purchases helped revenue surpass pre-pandemic levels in its final quarter.
The company says revenue for the three months ended Oct. 2 was $ 238.8 million, up from $ 205.3 million in the second quarter of 2020 despite occupancy constraints in several key markets.
Indigo says the revenue improvement comes from its e-commerce business, which grew 85% from the previous year quarter.
Although retail in stores remains difficult, she says customers who have come to shop have shown a strong commitment to books and have responded positively to her other offerings.
Net income was $ 3.5 million or 13 cents per share, compared to a net loss of $ 17.5 million or 63 cents per share.
The company says it received a one-time payment of $ 17 million following the renegotiation of its partnership with Starbucks, with 36 cafes continuing to operate in its stores. The Starbucks at the Indigo store in Metropolis at Metrotown has closed.
“Our customers are clearly showing a positive response to all aspects of our omnichannel approach, generating second quarter revenue well above pre-pandemic levels,” said CEO Heather Reisman.
This is another good sign for Metropolis retailers, as they see new stores replacing those that have closed forever.
One example is Armani Exchange, which opened a pop-up store in Metrotown and was successful enough to move to a much larger space in the mall.
The fashion giant sells high-end clothing and accessories and is perhaps the biggest name in the fashion world.
It’s just one of many fashion brands expanding their presence in Metropolis, as one of Burnaby’s largest shopping mall’s largest spaces finally fills up.
When Microsoft closed its Metro Vancouver flagship store in Metropolis at Metrotown, it left a gaping hole in the mall.
Now he has a new tenant for the space as Japanese casual clothing giant Uniqlo has put up signage saying he’s moving into the space. Uniqlo is a big retailer and sells the kind of casual wear that people love.
It follows Spanish fashion giant Zara opening its doors with a renovated space.
“The back is bigger and bolder,” read a mall post on Instagram. “@zara is now open with a larger and recently renovated store. Located on the top level, shop for your favorite fashion today.
Zara has stores all over the world and sells “quick fashions” including clothing, accessories, shoes,and more.
- With additional reporting from the Canadian Press