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Express to open new stores in Central & South America
13
Aug '12
Express Inc. a leading U.S. men's and women's specialty retail apparel chain operating over 600 stores, announced that one of its subsidiaries has entered into a franchise agreement with Fastco Commercial S.A., a retail franchise operator led by a management team with over 30 years of experience operating retail franchises in Central and South America. 

The agreement provides an opportunity to open more than 30 Express stores over a five year period in Panama, Peru, Costa Rica, Colombia, The Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras and Nicaragua.

The company expects there will be up to three Express locations open in Panama, Peru, and Costa Rica by the end of the fourth quarter.  The product assortment in these locations will resemble that of the U.S. stores with moderate seasonal adjustments. The stores are expected to have the same new store design that Express is rolling out in the U.S.

"This is another exciting step in Express' international expansion strategy, particularly with such an experienced partner," said Michael Weiss, president, chairman and CEO, Express, Inc.  "Express' fashion forward product offering is perfectly aligned with the Latin American consumer's preference for fashion, fit and color. 

The Hispanic population in the U.S. has demonstrated a passion for Express and we look forward to expanding that passion throughout Central and South America," he added.

International Strategy

Express has identified international expansion as one of the company's four pillars of growth and a significant long-term revenue opportunity for the company given the fashion content of the brand and the universal appeal to the 20-30 year old demographic. 

The company expects to drive international expansion through a three-pronged approach that includes company-owned stores, joint venture relationships and franchise agreements. 

Express serves a diverse customer base in the company's U.S. stores in both tourist and border geographies.  In anticipation of further international growth, Express previously announced plans to open two flagship stores in 2013 – Union Square in San Francisco, CA and Times Square in New York, NY – that will serve as a brand gateway to international and domestic visitors.

Express is a specialty apparel and accessories retailer of women's and men's merchandise, targeting the 20 to 30 year old customer.

Express Inc.

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