Item 2. PROPERTIES

Our principal executive and administrative offices are located at 1818 Cornwall Avenue, Vancouver, British Columbia, Canada, V6J 1C7. We currently operate four distribution centers located in Vancouver, British Columbia, Sumner, Washington, Columbus, Ohio and Melbourne, Victoria. We purchased the Columbus, Ohio distribution center in fiscal 2013 and it commenced operations during fiscal 2014. We expect that our current administrative offices and distribution centers are sufficient for our expansion plans for the foreseeable future.

The general location, use and approximate size of our owned properties at February 1, 2015, are set forth below:

The general location, use, approximate size and lease renewal date of our leased properties at February 1, 2015, are set forth below:

In addition to the locations listed above, we hold inventory at warehouses managed by third-parties in Hong Kong and the Netherlands.

As of February 1, 2015, we leased approximately 888,000 gross square feet relating to 300 of our 302 stores. Our leases generally have initial terms of between five and 10 years, and generally can be extended only in five-year increments, if at all. All of our leases require a fixed annual rent, and most require the payment of additional rent if store sales exceed a negotiated amount. Generally, our leases are "net" leases, which require us to pay all of the cost of insurance, taxes, maintenance and utilities. We generally cannot cancel these leases at our option.