Forever 21 Inc .the low-priced fashion retailer, plans to expand and transform itself into a department store from a clothing boutique. Yesterday they opened the doors to the public in NYC, located in the old Virgin Mega store in Time Square. The Los Angeles-based company which is privately held is taking advantage of the recession by snapping up real estate vacated by brands such as Mervyns LLC chain who have gone bankrupt. Many other prime locations have become available at reasonable prices as companies are forced to downsize or close down completely because of dwindling sales. www.forever21.com
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