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Details on Industry Insight.
Zumiez is expanding into Canada, according to an announcement on the website of a Canadian brokerage firm.
The real estate brokerage company Northwest Atlantic (Canada) Inc. says it is representing Zumiez throughout Canada.
The first target area is the greater Vancouver area, according to the announcement. Zumiez is headquartered just outside of Seattle.
Zumiez is looking for retail space that is 2,400 to 3,200 square feet. I have a request in to Zumiez for comment.
It definitely has money to invest in an expansion. Zumiez had $97 million in cash and current marketable securities at the quarter ended May 1.
Zumiez entry into the Canadian market could impact West 49, Inc., Canada’s main mall-based action sports retailer with 138 stores in nine provinces, under the banners West 49, Billabong, Off The Wall, Amnesia/Arsenic and D-Tox.
West 49 reported a net loss of $2.6 million in the quarter ended May 2. It had no cash or cash equivalents on its books at the end of the first quarter and bank debt of $9 million, according to its financial reports.
Shoe retailer Journeys, which carries a large selection of skate shoes, also recently entered the Canadian market with three stores in the Toronto area. Journeys and Zumiez compete on skate footwear at malls across America.
Canada also has a vibrant independent retail scene. To read more about the Canadian market, read our special report on action sports business in Canada.