FIGS Expands its Retail Footprint to the East Coast with the Opening of its Second Community Hub
FIGS, Inc. (NYSE: FIGS), the leading global healthcare apparel brand, has opened its second retail store, the Rittenhouse Community Hub, in Philadelphia on September 19. This expansion follows the success of FIGS' first hub in Los Angeles. The new 4,200 square-foot store is designed to reimagine the retail experience for healthcare professionals, offering a shopping area, embroidery workshop, lounge, and café.
Philadelphia, with its high concentration of healthcare professionals and institutions, was chosen strategically. The hub aims to connect the local healthcare community and provide opportunities for professionals to engage with FIGS and each other. This move aligns with FIGS' mission to serve those who serve others and represents a step towards an omnichannel strategy combining online and offline experiences.
FIGS, Inc. (NYSE: FIGS), il principale marchio globale di abbigliamento per il settore sanitario, ha aperto il suo secondo negozio al dettaglio, il Rittenhouse Community Hub, a Philadelphia il 19 settembre. Questa espansione segue il successo del primo hub di FIGS a Los Angeles. Il nuovo store di 4.200 piedi quadrati è progettato per ridefinire l'esperienza di acquisto per i professionisti della salute, offrendo un'area di shopping, un laboratorio di ricamo, una lounge e un caffè.
Philadelphia, con la sua alta concentrazione di professionisti e istituzioni sanitarie, è stata scelta strategicamente. L'hub mira a collegare la comunità sanitaria locale e fornire opportunità ai professionisti di interagire con FIGS e tra di loro. Questa mossa si allinea con la missione di FIGS di servire chi serve gli altri e rappresenta un passo verso una strategia omnicanale che combina esperienze online e offline.
FIGS, Inc. (NYSE: FIGS), la principal marca global de ropa para el cuidado de la salud, ha inaugurado su segunda tienda, el Rittenhouse Community Hub, en Filadelfia el 19 de septiembre. Esta expansión sigue al éxito del primer hub de FIGS en Los Ángeles. La nueva tienda, de 4,200 pies cuadrados, está diseñada para reinventar la experiencia de compra para los profesionales de la salud, ofreciendo un área de compras, un taller de bordado, un salón y una cafetería.
Filadelfia, con su alta concentración de profesionales e instituciones de salud, fue elegida estratégicamente. El hub tiene como objetivo conectar a la comunidad de salud local y proporcionar oportunidades para que los profesionales interactúen con FIGS y entre sí. Este movimiento se alinea con la misión de FIGS de servir a quienes sirven a otros y representa un paso hacia una estrategia omnicanal que combina experiencias en línea y fuera de línea.
FIGS, Inc. (NYSE: FIGS), 세계적인 의료 의류 브랜드가 두 번째 소매 매장, 필라델피아의 리튼하우스 커뮤니티 허브를 9월 19일에 열었습니다. 이 확장은 로스앤젤레스의 첫 번째 허브의 성공에 뒤따른 것입니다. 새 매장 면적은 4,200 평방 피트로, 의료 전문가를 위한 쇼핑 경험을 재구성하는 데 초점을 맞추었습니다, 쇼핑 공간, 자수 작업장, 라운지, 카페를 제공합니다.
의료 전문가와 기관의 고농도가 있는 필라델피아는 전략적으로 선택되었습니다. 이 허브는 지역 의료 커뮤니티와의 연결을 목표로 하고, 전문가들이 FIGS와 서로 소통할 수 있는 기회를 제공합니다. 이러한 움직임은 다른 사람을 돕는 이들을 돕는 FIGS의 사명에 맞춰지고 있으며, 온라인과 오프라인 경험을 결합한 옴니채널 전략으로 나아가는 한 걸음이 됩니다.
FIGS, Inc. (NYSE: FIGS), la principale marque mondiale de vêtements de santé, a ouvert son deuxième magasin de détail, le Rittenhouse Community Hub, à Philadelphie le 19 septembre. Cette expansion fait suite au succès du premier hub de FIGS à Los Angeles. Le nouveau magasin de 4 200 pieds carrés est conçu pour réinventer l'expérience de vente au détail pour les professionnels de la santé, offrant une zone de shopping, un atelier de broderie, un salon et un café.
Philadelphie, avec sa forte concentration de professionnels et d'institutions de santé, a été choisie stratégiquement. Le hub vise à connecter la communauté locale de la santé et à offrir des opportunités aux professionnels d'interagir avec FIGS et entre eux. Ce mouvement s'aligne avec la mission de FIGS de servir ceux qui servent les autres et représente un pas vers une stratégie omnicanale combinant expériences en ligne et hors ligne.
FIGS, Inc. (NYSE: FIGS), die führende globale Marke für Gesundheitsbekleidung, hat am 19. September ihren zweiten Einzelhandelsladen eröffnet, das Rittenhouse Community Hub, in Philadelphia. Diese Expansion folgt auf den Erfolg des ersten Hubs von FIGS in Los Angeles. Der neue 4.200 Quadratfuß große Laden ist darauf ausgelegt, das Einkaufserlebnis für Gesundheitsfachleute neu zu gestalten und bietet einen Einkaufsbereich, einen Stickereikurs, eine Lounge und ein Café.
Philadelphia, mit seiner hohen Konzentration an Gesundheitsfachleuten und -institutionen, wurde strategisch ausgewählt. Der Hub zielt darauf ab, die lokale Gesundheitsgemeinschaft zu vernetzen und Gelegenheiten zu bieten, damit Fachleute mit FIGS und untereinander in Kontakt treten können. Dieser Schritt steht im Einklang mit der Mission von FIGS, diejenigen zu unterstützen, die anderen dienen, und stellt einen Schritt in Richtung einer Omnichannel-Strategie dar, die Online- und Offline-Erlebnisse kombiniert.
- Expansion of retail footprint with second Community Hub in Philadelphia
- Strategic location in a major healthcare hub, potentially increasing brand visibility and customer base
- Larger store size (4,200 sq ft) compared to the Los Angeles hub, offering more services and experiences
- Success of the Los Angeles hub with 40% of sales from new customers, indicating potential for customer acquisition
- Plans for additional Community Hubs in 2025 and beyond, suggesting continued growth strategy
- None.
Insights
FIGS' expansion to Philadelphia marks a strategic move in their retail strategy, but its immediate impact on the stock may be The company's focus on omnichannel experience aligns with current retail trends, potentially strengthening customer loyalty and brand awareness. The 4,200 square feet Rittenhouse Community Hub, being four times larger than their LA location, demonstrates FIGS' confidence in the physical retail model.
The choice of Philadelphia, with its high concentration of healthcare professionals, is astute. However, investors should note that while the LA hub showed promising results with
FIGS' Community Hub concept is an innovative approach to experiential retail, catering specifically to healthcare professionals. The Rittenhouse location's features, including an embroidery workshop and café, create a unique value proposition that goes beyond mere product sales. This strategy could potentially increase customer engagement and brand loyalty, important factors in the competitive apparel market.
However, the retail expansion comes with inherent risks. The larger footprint of the Philadelphia store implies higher operational costs. While the LA hub's performance is encouraging, replicating this success in a different market is not guaranteed. The company's disciplined approach to retail expansion is prudent, but investors should monitor how quickly these physical locations contribute to profitability. The success of this strategy could influence FIGS' valuation as a growth stock in the specialized apparel sector.
Location in Philadelphia’s Rittenhouse Neighborhood Connects the Local Healthcare Community and Builds on the Success of FIGS’ First Hub in
FIGS Expands its Retail Footprint to the East Coast with the Opening of its Second Community Hub (Photo: Business Wire)
FIGS’ Community Hubs reimagine the retail experience by providing healthcare professionals the opportunity to shop for their apparel in a way that never previously existed. They create opportunities for healthcare professionals to connect with FIGS and each other on a deeper level. Through events and programming focused on what’s most important to the FIGS community, they also celebrate healthcare professionals and provide opportunities to share their stories and learn.
The Rittenhouse Community Hub is purposefully designed to bring to life FIGS’ mission – to serve those who serve others. At over 4,200 square feet covering two floors, it is approximately four times larger than FIGS’ first Community Hub in
“We are thrilled to be opening our second Community Hub, and we’re especially excited to do it in Philadelphia,” said Trina Spear, FIGS’ CEO and Co-Founder. “Philadelphia is truly at the heart of healthcare in the
The Rittenhouse Community Hub builds on the success of FIGS’ Los Angeles Community Hub. Since its opening in November 2023, the Los Angeles Community Hub has generated consistently strong performance and has attracted new healthcare professionals to FIGS, with over
FIGS opened the Rittenhouse Community Hub during the 2024 Olympic and Paralympic Games as an activation for its historic FIGS x Team
FIGS takes a disciplined approach to its retail strategy, continuously learning and refining along the way, as it seeks to be present for healthcare professionals everywhere they are. FIGS anticipates expanding this strategy with the opening of additional Community Hubs in 2025 and beyond.
Forward-Looking Statements
This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are based on current management expectations, and which involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will” or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. These forward-looking statements address various matters, including the Company’s plans with respect to its Rittenhouse Community Hub; the Company’s belief that an omnichannel experience is the future; the Company’s intention to take a disciplined approach with its retail strategy; the expectation that Community Hubs will host events and provide programming; and the opening of additional Community Hubs in 2025 and beyond; all of which reflect the Company’s expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, the Company’s actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual results, performance or achievements to differ materially from those described in these forward-looking statements: the Company’s ability to maintain its historical growth; the Company’s ability to maintain profitability; the Company’s ability to maintain the value and reputation of its brand; the Company’s ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers; the success of the Company’s marketing efforts; the Company’s ability to maintain a strong community of engaged customers and Ambassadors; negative publicity related to the Company’s marketing efforts or use of social media; the Company’s ability to successfully develop and introduce new, innovative and updated products; the competitiveness of the market for healthcare apparel; the Company’s ability to maintain its key employees; the Company’s ability to attract and retain highly skilled team members; risks associated with expansion into, and conducting business in, international markets; changes in, or disruptions to, the Company’s shipping arrangements; the successful operation of the Company’s distribution and warehouse management systems; the Company’s ability to accurately forecast customer demand, manage its inventory, and plan for future expenses; the impact of changes in consumer confidence, shopping behavior and consumer spending on demand for the Company’s products; the impact of macroeconomic trends on the Company’s operations; the Company’s reliance on a limited number of third-party suppliers; the fluctuating costs of raw materials; the Company’s failure to protect proprietary, confidential or sensitive information or personal customer data, or risks of cyberattacks; the Company’s failure to protect its intellectual property rights; the fact that the operations of many of the Company’s suppliers and vendors are subject to additional risks that are beyond its control; and other risks, uncertainties, and factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 filed with the Securities and Exchange Commission (“SEC”) on August 8, 2024, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 28, 2024, and the Company’s other periodic filings with the SEC. The forward-looking statements in this press release speak only as of the time made and the Company does not undertake to update or revise them to reflect future events or circumstances.
About FIGS
FIGS is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower, and serve current and future generations of healthcare professionals. We create technically advanced apparel and products that feature an unmatched combination of comfort, durability, function, and style. We share stories about healthcare professionals’ experiences in ways that inspire them. We build meaningful connections within the healthcare community that we created. Above all, we seek to make an impact for our community, including by advocating for them and always having their backs.
We serve healthcare professionals in numerous countries in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240918700890/en/
Investors:
Tom Shaw
IR@wearfigs.com
Media:
Todd Maron
press@wearfigs.com
Source: FIGS, Inc.
FAQ
When did FIGS open its second Community Hub in Philadelphia?
How large is FIGS' new Rittenhouse Community Hub compared to its Los Angeles store?
What services does FIGS' new Philadelphia store offer?
Why did FIGS (NYSE: FIGS) choose Philadelphia for its second Community Hub?
What are FIGS' future plans for retail expansion?
