Specialist greetings card and stationery retailer Paperchase has secured a transatlantic deal that will see the British company supply products to US retail giant Target. Target runs 1,800 stores throughout the States.
This is a great development for Paperchase, enabling it to re-enter the US market after its operations there were put to a stop with the collapse of its parent company Borders, the American bookseller.
Paperchase has opened 14 stores in the past year or so, giving it a total of 81 in the UK. The company continues to expand and intends to operate 95 stores from the UK by the end of 2012. Next year Paperchase has plans to open more standalone sites, including an 18,000 sq ft store in Glasgow’s Buchanon Street, due to open in March.
The retailer is also expanding into mainland Europe with the opening of two shops in Galeries Lafayette in Paris later this month.
Further significant investment is planned for the online side of its business, where sales have been on the up with increased interest from overseas buyers. The Paperchase website will be upgraded over the next few months.
Chief executive and part-owner of Paperchase Timothy Meglund said the company was ‘performing well’ despite challenging economic conditions. The retailer’s turnover rose by nine per cent to £77.6 million in 2011 and profit increased 29 per cent to £846,000.