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Posted Apr 30, 2007, 1:07 AM
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Registered User
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Join Date: Jun 2006
Location: Coquitlam
Posts: 40,033
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Quote:
Army & Navy shoe sale steps up to $1.2 million on first day
TOM JONES was on the Orpheum theatre stage in 2004 when he urged female audience members to forget about throwing underwear and concentrate on buying footwear "during my friend Jacqui Cohen's sale at the Army & Navy store."
That was the year the six-store chain's annual sale moved 27,000 pairs of shoes, many from name designers, on its first day. Two years later, without the singer's aid, 52,000 pairs went, and the A&N took in $990,000 on opening day. This year, Cohen said, first-day sales hit $1.2 million.
According to A&N shoe buyer Silvio Urbani, 100,000 pairs of shoes -- from the likes of Ann Taylor, Steve Madden and Via Uno -- awaited buyers, who snapped up more in five days than they did in 12 last year. One thousand pairs daily carried the A&N house brand, Karen Elise, which commemorates Cohen's late sister, while the Jeffrey David line for men is named for her late brother.
But it is Cohen's long-late grandfather Sam who will have the greatest upcoming influence on the discount department-store chain he founded in 1919. That's because a five-hectare piece of Port Coquitlam property he bought in the later 1940s will soon house the seventh Army & Navy store. Like the six-year-old Langley operation and a slightly later opening in Edmonton's Londonderry Mall, it will occupy some 60,000 square feet on a single floor. Unlike them, though, it should be part of a 150,000-square-foot retail complex Jacqui Cohen, who sold some of the PoCo land for a PCL (Costco) operation, plans to build on the site's remaining four hectares.
With a Wal-Mart store reportedly due to rise on Rick Ilich's neighbouring property, that strip of Lougheed Highway is a retailing hot spot. It certainly warrants Cohen-mentor Joe Segal's word two decades ago when, regarding the then-fallow land, he said: "Young lady, you don't know what you own in Port Coquitlam."
For decades the property's only occupant was a billboard that read: Army & Navy: We Sell For Less.
By the late 1990s, the chain was earning less, too. Urban decay had surrounded its East Hastings store which, with a down-at-heel New Westminster facility, Cohen calls the A&N's "old gals." Starting in 1998, Cohen said income from real-estate holdings covered the privately owned chain's losses, which were finally stemmed in 2004.
The Langley and Edmonton operations helped A&N break even and return to profitability. So did a three-for-one draft of younger managers -- merchandising director Darrell Peck, operations director Debbie Elliott and finance director Don Chan -- from Superstar Athletics.
Today, of course, the Woodward's redevelopment is superheating Downtown Eastside property values -- a 25-foot lot is being added to an assembly for $1.26 million this week -- and with them the A&N's intrinsic worth. Still, Cohen is "aggressively" seeking a site for an eighth outlet.
"We'd kill for the [Vancouver] Island or a second store in Calgary," she said. Discount-retailing "makes us bottom feeders for rent, and we need at least 60,000 square feet ... but, if the deal was right, we'd pay as much as $8 [a square foot]."
Upcoming A&N operations will be "Abercrombie & Fitch meets Old Navy meets Urban Fare," Cohen said in the moviebiz comparison manner.
Regarding Hollywood, actor Ryan O'Neal, scribe Jackie Collins and Mamas and Papas singer Michelle Phillips should be in town June 9, when Cohen hosts the 17th and last Face the World charity gala in her Point Grey waterfront home. But it won't be the last for this year's $1,250 ticket-holders. It's just that the house will be razed, so that architect Russell Hollingsworth can have a successor designed and built for Olympics year 2010, when 10 Army & Navy stores may be holding $2-million shoe sales annually.
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http://www.canada.com/vancouversun/s...dca8b8&k=77669
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