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Urban Outfitters Aims to Double Revenues by 2020

Urban Outfitters Inc. examined the bigger picture during its annual investor day on Thursday. The Philadelphia-based company, which boasts Urban Outfitters, Free People and Anthropologie as its core brands, said it plans to double its total sales by 2020 by focusing on lifestyle gear like home goods, footwear, wedding, beauty and intimates.

Bloomberg reported that the company intends to open 25 to 50 Anthropologie stores in the next five years. The majority of stores will be three times larger than current stores, and will be stocked with a wider range of goods, including Anthropologie’s wedding label, BHLDN, and gardening collection, Terrain.

The retailer is also exploring options to make Anthropologie stores a destination for shoppers to grab lunch, sit for coffee or get a blowout—and as a result increase the amount of time each shopper spends in the store. Oona McCullough, a spokesperson for Urban Outfitters, told Bloomberg three focus groups in a new-format Anthropologie protoype store indicated that customers would stay in the store for two to three hours, compared to the current hour-long average visit.

Likewise, the company will begin testing a larger format for Urban Outfitters and Free People chains. However, the new formats will not break the company’s self-imposed cap of 200 to 250 stores in North America, but instead will replace smaller existing stores.