The phrase "something different" precisely describes the nichethe locally based retailer plans to continue to occupy as it stepsup expansion plans for its Urban Outfitters, Anthropologie and FreePeople brands. CFO John Kyees is quoted as saying, "Big is theenemy of cool." With that in mind, the company plans to grow, butnot too fast, and never too big.

A company spokesperson tells GSR the company plans to expand thenumber of stores, excluding Free People, by about 20% a year, withan ultimate goal of 450 in the US and abroad. According to a reportby Jeff Black of Lehman Brothers, of those, about 250 will beAnthropologie units, and from 150 to 200 will be Urban Outfittersstores.

At present, there are 71 Urban Outfitters stores in the US,Canada and Europe; 62 Anthropologie units in the US, and a singleFree People store, which has been in operation in Paramus, NJ since2002. Free People is the company's wholesale division, which sellsproduct to approximately 1,100 specialty stores, department storesand catalogs as well as its own website, which began in lateOctober this year.