Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/528948
Party City claims to be the leading party-goods store in North America and supplier-retailer in the world, thanks to sales from its stores and e-commerce site as well as a thriving wholesale business. At the end of the first quarter, Party City had nearly 900 stores throughout the U.S., Canada and Puerto Rico, includ- ing 693 company-owned stores. The company's first-quarter retail sales alone rose by 4.6 percent year on year, to $313.3 million, while total revenues increased by 6.7 percent, to $462.1 million. "Our results for this quarter and our performance to date, I believe, speak to the strengths of our unique business model as the ARTy CITy HOldCO CeRTAINly has reason to party. So far this year elmsford, N.y.–based Party City has completed an IPO and secured a franchise agreement in Mexico, and the company shows no signs of calling it a night. Some say Party City may actually have too many stores, but the company insists that the opportunities are there to raise its profile in the U.S. and Can- ada by an additional 350 stores or so, at a possible rate of about 30 units per year. largest vertically integrated supplier and retailer of decorative party goods globally," said CeO James M. Har- rison on an earnings call. The IPO, which was completed in April, net- ted nearly $400 million, of which the company says most will go to paying down debt. "They have been a great partner for us, especially as they have con- tinued to expand over the last few years," said Brian Finnegan, executive vice president of leasing at New york City–based Brixmor Property Group, at whose shopping centers Party City has doubled its store count since 2011, to 34. "We think they bring a really unique category to the shopping center, and we think they do it better than anybody else," said Finnegan. Party City's busiest season happens P Something to celebrate Party City sees sCoPe for more stores in the U.s. and mexiCo By Beth Mattson-Teig r e t a i l i n g t o d a y 16 S C t / J U l y 2 0 1 5