Columbus, OH—Already boasting more than 600 stores in the United States, Canada and Puerto Rico, Express Inc., announced today that its now plans to expand into Latin America, opening at least 30 stores there in the next five years.
The initial stores will open through its franchise agreement with Fastco Commercial S.A., a retail franchise operator led by a management team with more than 30 years of experience operating retail franchises in Central and South America, Express stores will open in Panama, Peru, Costa Rica, Colombia, The Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras and Nicaragua.
In fact, three Express doors will open in Panama, Peru and Costa Rica by the end of fourth quarter. Merchandise assortments 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 United States.
“This is another exciting step in Express’ international expansion strategy, particularly with such an experienced partner,” said Michael Weiss, president/chairman/ceo at 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.”
International expansion is one of the company’s four pillars of growth and a significant long-term revenue opportunity given the fashion content of the brand and the universal appeal to the 20- to 30-year old demographic.
Express expects to drive international expansion through a three-pronged approach that includes company-owned stores, joint venture relationships and franchise agreements.
In anticipation of this new international growth, Express previously announced plans to open two flagship stores in 2013–Union Square in San Francisco and Times Square in New York—that will serve as a brand gateway to international and domestic visitors.