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TWST: Please give us a brief summary of Hot Topic, Inc., including the
challenges and the opportunities for the company over the next two to
three years.
Mr. McGinty: In terms of the challenges and opportunities for the next
few years, we are growing the business substantially. We are opening 80
new Hot Topic stores, 25 new Torrid Stores this year. Our biggest
opportunity is in our second growth vehicle, Torrid, which caters to
plus size young women between the ages of 15 and 29. This year we'll
have 77 stores in total at year end. It's our goal to get that business
to the point where it is positioned to expand more rapidly. TWST: Could you give us an overview of the specialty retail industry
today? What are the key issues that you're facing?
Mr. McGinty: In terms of total specialty retail, I think probably what
we've seen over the last two years is a lot of expansion in the square
footage that's devoted to the teen sector, in fact an over abundance of
square footage. What's happening in the market is some fallout, like we
saw in the early 1990s with Merry-Go-Round and others, where there was
just too much space dedicated and too much sameness between too many
retailers. I think those players with the unique market niches like us,
Pacific Sunwear, Urban Outfitters and some others will fare very well in
this environment and those with a lot of sameness between concepts, only
the best ones will survive and prosper.
Tickers included in this excerpt: HOTT
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