Inditex, which owns Zara, Fast Retailing that owns Uniqlo, other names such as Mango and Primark, they've expanded a great deal internationally, particularly in Europe and other areas.

擁有 Zara 的 Inditex、擁有 Uniqlo 的 Fast Retailing 以及 Mango 和 Primark 等其他品牌，都在國際上進行了大量擴張，尤其是在歐洲和其他地區。

And the U.S. is still an underpenetrated, undertapped market for them.

對它們來說，美國仍然是一個未被充分開發的市場。

These are also retailers that have a great deal of international expertise.

這些零售商還擁有豐富的國際專業知識。

From 2018 to 2023, there were nearly 19,000 U.S. store openings.

從 2018 年到 2023 年，美國將有近 1.9 萬家商店開業。

About 30% of those were foreign-owned companies.

其中約 30% 是外資企業。

The rise of foreign retailers is especially prevalent in American shopping malls.

外國零售商的崛起在美國購物中心尤為普遍。

I just walked into Queen Center in New York, and the first thing I see is a Primark, which is next to a Zara, which is right across from an H&M.

我剛走進紐約皇后中心，首先看到的是一家 Primark，旁邊是一家 Zara，正對面是一家 H&M。

The U.S. is the number one consumer market, so to be here and to get it right means a lot.

美國是全球第一大消費市場，是以，能在這裡獲得成功意義重大。

But you really need to get it right.

但你真的需要把它做好。

I have something similar.

我也有類似的東西。

It's by a brand, Rainz.

這是一個品牌，Rainz。

It looks very similar to that, but this is a lot less expensive.

它看起來非常相似，但價格要便宜得多。

Primark is still a very new player, but it could pose competitive threats for mall names that people are more familiar with.

Primark 仍是一家非常新的公司，但它可能會對人們更熟悉的商場品牌構成競爭威脅。

I spoke to a shopper.

我和一位購物者聊了聊。

He was looking for a pair of sneakers and brought a coupon to go to Macy's.

他想買一雙運動鞋，帶了一張去梅西百貨的優惠券。

But he ended up going into Primark, walking out with a $22 pair of shoes, and he never made it to the department store.

但他最終走進了 Primark，拿著一雙 22 美元的鞋子走了出來，他再也沒有去過百貨公司。

So what makes the U.S. so appealing to these foreign brands?

那麼，是什麼讓美國如此吸引這些外國品牌呢？

And why do shoppers love them so much?

為什麼購物者如此喜愛它們？

Primark opened its first store in Dublin back in 1969, where it is known as Penny's, a nod to the store's distinguishingly low prices.

早在 1969 年，Primark 就在都柏林開設了第一家分店，並取名為 "Penny's"，以彰顯其低廉的價格。

The Irish discount retailer has grown its presence in the United States to 29 stores.

這家愛爾蘭折扣零售商在美國的門店已增至 29 家。

If you spend time in Ireland, our home market, or the U.K., where we've been since the early 1970s, Primark is an absolute household name.

如果你在愛爾蘭（我們的本土市場）或英國（我們自 20 世紀 70 年代初就進入英國）待過一段時間，Primark 絕對是一個家喻戶曉的名字。

We still have growth opportunities in Europe, but of course, some of our countries are certainly at a maturity point.

我們在歐洲仍有增長機會，當然，我們的一些國家肯定已進入成熟期。

The U.S. is over 330 million consumers.

美國有超過 3.3 億消費者。

And what we saw very quickly was a customer base that was responding incredibly well.

我們很快就發現，客戶群的反應非常好。

Primark has no e-commerce business in the U.S., and it relies on large brick-and-mortar stores like this one in Queens, New York, which is 37,000 square feet of retail space.

Primark 在美國沒有電子商務業務，主要依靠大型實體店，比如這家位於紐約皇后區的實體店，零售面積達 3.7 萬平方英尺。

One of the reasons why Primark has been slow to expand online is because e-commerce is very expensive.

Primark 在線業務拓展緩慢的原因之一是電子商務的成本非常高昂。

It's a lot cheaper to have shoppers come to the store and take home what they buy.

讓購物者到店裡把買的東西帶回家要便宜得多。

And so to keep margins up and prices low, their business model depends on being very efficient.

是以，為了保持較高的利潤率和較低的價格，他們的商業模式取決於是否非常高效。

But Primark is just one name amongst many focused on U.S. growth.

但 Primark 只是眾多專注於美國增長的公司中的一個。

Spanish retailer Mango and Canadian fashion brand Aritzia both made a splash in 2024.

西班牙零售商 Mango 和加拿大時尚品牌 Aritzia 都在 2024 年大放異彩。

Mango grew its U.S. sales by 10 percent and announced a $70 million expansion plan.

芒果公司在美國的銷售額增長了 10%，並宣佈了一項 7000 萬美元的擴張計劃。

Aritzia's stock price has soared over the past year as it grew U.S. revenue by 9 percent in fiscal 2024.

過去一年，Aritzia 的股價一路飆升，因為它在 2024 財年的美國收入增長了 9%。

While these brands are currently in the midst of expansion, H&M laid the groundwork years ago for many of these names now taking on the U.S. market.

雖然這些品牌目前正處於擴張期，但 H&M 早在幾年前就為其中許多品牌進軍美國市場奠定了基礎。

H&M was really a trailblazer.

H&M 是真正的開拓者。

It opened its first store about 25 years ago on New York's Fifth Avenue.

大約 25 年前，它在紐約第五大道開設了第一家分店。

And since then, it's become a bit of a mall staple.

從那時起，它就成了商場的主打產品。

It has about 500 stores across the country, and it's become a household name similar to a Gap or an Old Navy.

它在全國擁有約 500 家門店，已成為類似於 Gap 或 Old Navy 那樣家喻戶曉的品牌。

Now it's fallen on trickier times because it's facing new competition from Shein, from Timu, from a lot of other specialty retailers that have cornered the market and come in and competed on fashion-forward trends.

現在，它遇到了更棘手的問題，因為它面臨著來自 Shein、Timu 和許多其他專業零售商的新競爭，這些零售商已經佔領了市場，並在時尚前沿趨勢上展開競爭。

Zara is another name that was at the forefront of global retailers moving to the U.S.

Zara 是走在全球零售商進軍美國前列的另一個名字。

However, the brand has grown its store base far more slowly than H&M.

不過，該品牌店鋪數量的增長速度比 H&M 慢得多。

In fact, its net U.S. store count has remained about the same over the past five years.

事實上，在過去五年中，其在美國的淨門店數量基本保持不變。

But just looking at the number of stores doesn't tell the full story here.

但是，僅看商店數量並不能說明問題的全部。

They'll be expanding into these bigger flagship locations.

他們將向這些更大的旗艦店擴張。

And then those smaller stores that were existing in a given city, they might be actually closing them.

而那些在特定城市中存在的小店，他們可能真的要關閉了。

Net, you still end up with more space.

但是，您仍然可以獲得更多的空間。

And net, the density of that space continues to increase every year.

而淨空間的密度每年都在增加。

I think what's interesting about a lot of these apparel retailers moving into the U.S. is that they have something very distinctive, whether it's Inditex, which owns Zara with fast fashion, whether it's Mango with its kind of European style, Primark with its mix of ultra-low prices and fast fashion, and Uniqlo, which has a focus on functional products, technical development.

我認為，許多進軍美國的服裝零售商的有趣之處在於，他們都有一些非常獨特的東西，無論是擁有快時尚品牌 Zara 的 Inditex，還是具有歐洲風格的 Mango，無論是將超低價和快時尚相結合的 Primark，還是注重功能性產品和技術開發的優衣庫。

They all have something pretty distinctive, which I think is an advantage over kind of mid-range, undifferentiated apparel retailers.

它們都有自己的特色，我認為這是與中檔、無差異服裝零售商相比的一個優勢。

More than 50 percent of Primark's offering is basics.

Primark 50% 以上的產品都是基本款。

Think T-shirts, underwear, socks, you know, stuff that isn't going out of style.

想想 T 恤、內衣、襪子，你知道，這些都是不會過時的東西。

H&M is more fashion focused, but similarly manufactures products far in advance in mainly China and Bangladesh, relying on its designers to predict trends and styles long before they hit stores.

H&M 更注重時尚，但同樣主要在中國和孟加拉國提前生產產品，依靠設計師在產品上市前預測流行趨勢和款式。

Rather than trying to predict trends, Zara, on the other hand, responds to them, operating under a traditional fast fashion model.

另一方面，Zara 並不試圖預測潮流，而是順應潮流，以傳統的快速時尚模式營運。

Therefore, Zara is less reliant on manufacturing in Asia than some of its peers.

是以，與一些同行相比，Zara 對亞洲製造的依賴程度較低。

About half of its production is done through nearshoring.

約有一半的生產是通過近岸外包完成的。

All that means is the company produces things close to where it sells them.

這意味著該公司在銷售地附近生產產品。

Inditex is based in Spain and nearly 40 percent of its factories are based in Europe.

Inditex 總部設在西班牙，近 40% 的工廠設在歐洲。

It's therefore able to quickly stock product in the continent.

是以，它能夠迅速在非洲大陸儲備產品。

But to get clothing on U.S. shelves, while it's still in style, requires a different approach.

但是，要想在美國的貨架上銷售流行的服裝，就需要採取不同的方法。

Often a lot of the U.S. product needs to be flown out there rather than shipped, right, to get there quickly enough.

很多美國產品往往需要空運而不是海運，對吧，這樣才能足夠快地到達那裡。

But that is very expensive.

但這是非常昂貴的。

Air freight is much more expensive than sending something on a ship.

空運比船運貴得多。

As a result of that and differences in duties, taxes, you know, costs of employment, rental costs, etc., the price points of items in the U.S. for Zara are about 25 to 35 percent more expensive than the price points for those same items in its European business outside of Spain.

由於關稅、稅收、用工成本、租金成本等方面的差異，Zara 在美國的商品價位要比在西班牙以外的歐洲市場的同類商品價位高出 25% 至 35%。

But whereas when you look at H&M, the price points are very similar across most of its major markets.

而 H&M 在大多數主要市場的價位都非常接近。

So you won't find a major discrepancy in prices in Europe versus the U.S.

是以，你不會發現歐洲與美國的價格有很大差異。

The U.S. retail market is highly fragmented, meaning there are a lot of companies vying for share of the customer's wallet.

美國零售市場高度分散，這意味著許多公司都在爭奪顧客的錢包。

Companies like Aritzia and Mango see fresh turf when they look over at the U.S. and they see a more resilient shopper.

Aritzia 和 Mango 等公司在美國看到了新的市場，看到了更有彈性的購物者。

A lot of consumers in Europe, particularly in the U.K., are under more economic pressure.

歐洲，尤其是英國的許多消費者面臨著更大的經濟壓力。

In the U.S., there's been a more resilient consumer and that consumer is willing to try new brands and follow global trends.

在美國，消費者的適應能力更強，他們願意嘗試新品牌，追隨全球潮流。

While that means increased competition, it also means new opportunities for growth.

雖然這意味著競爭加劇，但也意味著新的發展機遇。

That dynamic is different in countries like Spain, where players like Inditex already control a significant portion of the retail landscape.

這種態勢在西班牙等國有所不同，在這些國家，像 Inditex 這樣的企業已經控制了零售業的很大一部分。

They genuinely have an over 20 percent market share.

它們真正擁有超過 20% 的市場份額。

So, you know, if they're expanding in Spain, Zara, for instance, you really do feel that they're probably taking share from other players.

是以，你知道，如果他們在西班牙擴張，比如 Zara，你真的會覺得他們可能在搶奪其他競爭者的份額。

When I look at Euromonitor data for Inditex's market share across the Americas, so North America and it will include South America as well, it's like one and a half percent.

根據歐睿資訊諮詢公司（Euromonitor）的數據，Inditex 在整個美洲（包括北美和南美）的市場份額約為 1.5%。

And H&M's won't be dramatically different.

而 H&M 也不會有太大的不同。

For context, if I look back a decade before, it was sort of 0.8 percent.

回想一下，十年前，這一比例為 0.8%。

So it's not that they are taking a little bit of share with their market rollout, but it's not really significant enough for me to see it as, you know, that taking material share in the U.S. from other established players.

是以，他們的市場推廣並沒有搶走一點份額，但對我來說，這還沒有大到足以從其他老牌公司手中搶走美國市場重要份額的地步。

One of the opportunities that these companies have seen in the U.S. is that department stores have weakened.

這些公司在美國看到的機遇之一是百貨商店的疲軟。

This is not a news story, but as Macy's closes about 150 of its namesake stores, not only is that leaving a big box in malls that in some cases Primark could move into, but it's also leaving some market share on the table that's free for the taking.

這不是什麼新聞，但隨著梅西百貨關閉約 150 家同名商店，不僅在商場中留下了一個大盒子，在某些情況下，Primark 可能會進駐，而且還留下了一些市場份額，任人宰割。

Another dynamic that could be appealing is the decline of baby and children's stores.

另一個可能具有吸引力的動態因素是嬰兒和兒童用品商店的衰落。

Babies R Us and Bye Bye Baby, which is owned by Bed Bath & Beyond, both went out of business.

Babies R Us 和 Bed Bath & Beyond 旗下的 Bye Bye Baby 都倒閉了。

And that means that Primark sees opportunity to grow its baby and children's market, which it's been doing at many of its stores.

這意味著 Primark 看到了發展嬰兒和兒童市場的機會，而它的許多商店也一直在這樣做。

CF Leisure is really big right now with brands like Lululemon, Biore, Aloe really taking off.

目前，CF Leisure（休閒服裝）的發展勢頭非常迅猛，Lululemon、Biore、Aloe 等品牌都在迅速崛起。

This is Primark's answer to that, the $7 workout T-shirt.

這就是 Primark 的答案，7 美元的健身 T 恤。

We've been able to influence back on that global Primark product range to include more leisure wearers.

我們已經能夠對 Primark 的全球產品系列施加影響，讓更多的休閒裝愛好者加入進來。

We've continued to grow over the U.S.

我們在美國的業務持續增長。

We are about 5 percent of Primark's global sales today.

目前，我們的銷售額約佔 Primark 全球銷售額的 5%。

So still relatively small in comparison to the other 16 countries in Europe.

是以，與歐洲其他 16 個國家相比，我們的國家仍然相對較小。

But actually, because of that growth, we're now able to shape more of the product range to suit the U.S. consumer.

但實際上，由於這種增長，我們現在能夠根據美國消費者的需求來設計更多的產品系列。

Social media has allowed brands with even a relatively small number of physical stores to flourish in the U.S.

社交媒體使實體店數量相對較少的品牌也能在美國蓬勃發展。

A Forrester retail survey found that 63 percent of consumers under 25 and 57 percent of those between 25 and 34 discover products or brands on social media at least weekly.

Forrester 零售調查發現，63% 的 25 歲以下消費者和 57% 的 25 至 34 歲消費者至少每週一次在社交媒體上發現產品或品牌。

Take the Uniqlo shoulder bag, for example.

以優衣庫的雙肩包為例。

I am serious.

我是認真的。

It's so nice.

真不錯

Or the Aritzia Superpuff.

或者是 Aritzia Superpuff。

It is the warmest jacket I've ever worn.

這是我穿過的最保暖的外套。

Both companies cited social media virality as driving growth for these products in 2023.

兩家公司都認為，社交媒體的病毒式傳播將推動這些產品在 2023 年的增長。

But one viral product does not keep a brand afloat.

但是，一個病毒性產品並不能讓一個品牌繼續生存下去。

What it does create is brand awareness, which these companies can capitalize on by continuing to stay on top of trends.

它所創造的是品牌知名度，這些公司可以通過不斷緊跟潮流來利用這一知名度。

Part of the appeal of these brands, whether it's Mango or Zara, is that they have a lot of off-the-runway looks.

無論是 Mango 還是 Zara，這些品牌吸引人的地方之一就是它們擁有大量走秀造型。

If you look on their website or in their app, a lot of the pictures look like something you might find in Vogue.

如果你在他們的網站或應用程序中查看，很多圖片看起來就像是《時尚》雜誌上的圖片。

They're very fashion-forward, tapping into that European ideal, that idea of being on the cutting edge of a trend, of looking like a model.

它們非常時尚前衛，迎合了歐洲人的理想，即走在潮流前沿，看起來像個模特。

That sort of newness is what's helping them attract new shoppers in the U.S. who aren't as familiar with their brand, but want to have that look, especially when they want to portray how fashion-forward they are on TikTok or Instagram.

這種新穎性幫助他們吸引了美國的新顧客，這些顧客對他們的品牌並不熟悉，但卻想擁有這種外觀，尤其是當他們想在 TikTok 或 Instagram 上展示自己的時尚前衛時。

Despite its recent success, Uniqlo has had a bumpy road entering the U.S.

儘管優衣庫最近取得了巨大成功，但其進軍美國的道路卻崎嶇不平。

After initially opening and closing stores in 2005 and 2006, it experienced some struggles again after re-entering in 2011.

在 2005 年和 2006 年相繼開店和關店之後，該公司在 2011 年重新進入市場後又經歷了一番掙扎。

In fiscal 2016, the company reported losses of around $70 million related to asset retirement and store closures in the U.S.

2016 財年，該公司在美國的資產報廢和門店關閉造成了約 7000 萬美元的損失。

It was forced to re-evaluate its strategy as it faced struggles with brand awareness and meeting the tastes of the American consumer.

由於在品牌知名度和迎合美國消費者口味方面舉步維艱，該公司不得不重新評估其戰略。

But today's retail landscape looks a bit different.

但今天的零售業格局看起來有些不同。

I think fashion is becoming more homogeneous around the world, and there are fewer differences to kind of iron out between markets.

我認為，世界各地的時尚正變得越來越同質化，不同市場之間需要消除的差異越來越少。

And I think that's playing into these kind of companies.

我認為這正是這類公司的優勢所在。

So I think these probably stand a better chance than when we've seen in past years, past decades, companies move into a market and end up pulling out.

是以，我認為，與過去幾年、過去幾十年我們所看到的公司進入一個市場，最後又撤出的情況相比，這些公司可能會有更好的機會。

There are kind of fundamental reasons why they should be more solid this time.

有一些根本原因讓他們這次應該更加穩健。

While fashion trends are becoming increasingly similar, regardless of the market, there are still differences in consumer preferences.

雖然時尚潮流越來越相似，但無論在哪個市場，消費者的偏好仍然存在差異。

Primark says its licensed merchandise, for example, is particularly popular in the U.S.

例如，Primark 表示其特許商品在美國尤其受歡迎。

I think it's a Stitch cookie jar.

我想這是一個史迪奇餅乾罐。

I love they're all in on Stitch in this section here.

我喜歡他們在這裡的這一部分都在關注史迪奇。

But when it came to American sports apparel, the company quickly learned some valuable lessons.

但在美國運動服裝領域，公司很快就學到了一些寶貴的經驗。

Initially, we thought, you know, surely everyone in Europe loves the Dallas Cowboys.

起初，我們想，歐洲人肯定都喜歡達拉斯牛仔隊。

And, you know, let's land that product into every store and everyone's going to absolutely go wild for it.

然後，你知道，讓這款產品進入每一家商店，每個人都會為之瘋狂。

Well, we saw pretty quickly that actually people are very passionate about their local sports teams.

我們很快就發現，人們對當地的運動隊充滿熱情。

So if you're in Buffalo, in Walden Galleria, where we trade, you better have the Bills product available for those customers because they're not looking for anything else.

是以，如果你在水牛城的 Walden Galleria，也就是我們交易的地方，你最好為這些顧客提供比爾森的產品，因為他們不會去找別的東西。

The fragmented nature of the U.S. apparel landscape makes it much easier for new players to enter.

美國服裝業的分散性使新企業更容易進入。

When Mango underwent significant growth in Spain, shoppers often assumed it was part of the Inditex portfolio of brands.

當 Mango 在西班牙取得顯著增長時，購物者往往認為它是 Inditex 品牌組合的一部分。

It can be difficult as a new brand to introduce yourself to a whole new group of customers who may not know your name.

作為一個新品牌，要向可能不知道自己名字的全新客戶群介紹自己可能很困難。

But many American customers travel a lot.

但許多美國客戶經常出差。

There's been a shift toward going all over the world and discovering many of these retailers' names before a Mango opens in someone's own mall.

現在的趨勢是，在 Mango 在某人的購物中心開業之前，人們就會到世界各地去發現這些零售商的名字。

They're starting with a clean slate in some instances.

在某些情況下，他們從零開始。

At the same time, their brand image for a lot of these brands tends to be really quite consistent worldwide.

與此同時，這些品牌在全球範圍內的品牌形象也趨於一致。

They've got a formula that they've found has been distinctive, that has won the market share in many markets.

他們有一套獨特的配方，在許多市場上贏得了市場份額。

It's kind of almost copying and pasting.

這幾乎是一種複製和粘貼。

Most of these apparel names are still in the early innings of growth in the U.S.

這些服裝品牌中的大多數在美國仍處於發展初期。

Aside from H&M, all of the brands discussed in this video have less than 100 physical stores.

除 H&M 外，本視頻中討論的所有品牌的實體店均不足 100 家。

For context, Old Navy has over 1,100 locations.

Old Navy 有 1100 多家分店。

Primark told CNBC that it has 17 new leases signed for 2025.

Primark 告訴 CNBC，該公司在 2025 年簽訂了 17 份新租約。

This map shows all but one, which the company has not yet announced.

該地圖顯示了除公司尚未公佈的一個項目外的所有項目。

We are only in 12 states today.

我們今天只在 12 個州開展業務。

When I think about Primark as a brand and the strength that we now have in the U.K. and the rest of Europe, to become a household name, to become part of the conversation, part of people's lives, it's something that will take us time to get there, but I'm very sure that we're on that path.

當我想到 Primark 作為一個品牌，以及我們現在在英國和歐洲其他國家所擁有的實力時，要成為一個家喻戶曉的品牌，成為人們談論的話題，成為人們生活的一部分，這需要我們花時間去實現，但我非常確信，我們正走在這條道路上。

Transcription by CastingWords

轉錄：CastingWords