- Express filed for Chapter 11 bankruptcy in April and is closing 95 branded stores in the United States.
- I visited some of its locations in New York to see what the merchandise looks like.
- One analyst said Express had failed to adapt to the post-pandemic world of remote working.
Express has been a staple clothing retailer in U.S. malls for years, but filed for Chapter 11 bankruptcy in April and will close 95 stores.
So I visited two Express locations slated to close soon. One thing I’ve found: There’s no need to rush to get these deals.
Both places I visited had signs announcing the closures. Jordan Hart/BI
Express was known as a place to get casual business clothing before the remote work boom of 2020, but the style choices and high prices left me unsure of exactly who its target audience was in 2024.
This appears to be confirmed by Neil Saunders, managing director of retail analytics GlobalData, who told Business Insider:
“The formal and chic-casual market, for both men and women, has weakened in recent years due to the increase in working from home and the casualization of fashion.”
He continues: “This puts Express on the wrong side of the trends and, in our opinion, the chain has done too little to adapt.”
The clothes I saw seemed to fit last year’s obsessions — like the metallic styles seen on Beyoncé’s Renaissance tour. Everything else also seemed a bit dated. Maybe I, a 24 year old, am not the target audience, but I noticed that the options didn’t fit the aesthetic of “clean girl”, “mob wife” or of the year 2000 which currently dominate social media.
I also work from home most of the time, so business casual makes up less than 50% of my wardrobe. But I can’t say that Express’ slim edition pants are my ideal work outfit.
Items were marked between 30 and 50 percent off. Jordan Hart/BI
The other thing that surprised me when I visited the two soon-to-be-closed locations in New York was the prices. Even discounting Express’ clothing by 30-50% didn’t bring the items down to a price I would consider “affordable” – like H&M or Gap.
Even though the signs said, “Everything Must Go,” the reduction of a blazer from $248 to $209 seemed no more urgent than any other seasonal sale.
Saunders told BI that Express’ clothing “is poor quality in that it is overpriced, lacks differentiation and looks very bland”.
I wouldn’t go that far in my description, but I think many styles could be found elsewhere at a much lower price for the quality.
In the meantime, apart from the big brands, the situation seems to be proceeding as usual in the Express stores that I visited. The salesperson who called my items even offered to sign up for the rewards program.
When asked if it mattered since the store closed, he said it would take $10 off my total of $71 for the pants and blue tank top I purchased.
Despite the urgency of the signs, the reductions have not been very dramatic. Jordan Hart/BI
An investment group led by brand management firm WHP Global plans to acquire “a substantial majority” of the company, according to an April 22 Express release. Some existing lenders have committed $35 million to support ongoing operations.
Representatives for Express declined to comment and directed BI to the press release announcing the filing. CEO Stewart Glendinning said the company was “achieving an important milestone that will strengthen our financial position”.
“Bankruptcy will allow Express to restart its business, including closing a number of underperforming stores,” Saunders said.
Overall, Express could use a serious overhaul to appeal to an online-critical – and dare I say fashion-forward – Gen Zer like me. But it’s a good place to stock up on new job interview clothes at a (small) discount.
businessinsider
