1. Express filed for Chapter 11 bankruptcy in April and will close 95 stores.
2. The style choices and high prices at Express may not appeal to the current trend of remote work and casualization of fashion.
3. Despite the store closures, Express is still operating normally with item discounts that may not be considered significantly affordable.
After years of being a staple clothing retailer in malls across the US, Express filed for Chapter 11 bankruptcy in April and announced the closure of 95 stores. Visiting two Express locations designated for closure revealed no need to rush for deals, as the discounts offered were not very significant. The company’s style choices and high prices left uncertainty about their target audience in 2024, as the formal and smart-casual market has softened due to remote work and casual fashion trends.
Despite signs indicating closures, the prices at the soon-to-be closed Express locations in New York City were still relatively high, even with discounts of 30%-50% off. The clothing was described as overpriced, lacking differentiation, and somewhat bland by retail analysis GlobalData. Despite potential acquisition by an investment group led by WHP Global and ongoing support from lenders, Express will need to undergo significant changes to appeal to a more online, fashion-forward audience like Gen Z.
Overall, Express may need to adapt to changing trends and customer preferences to remain relevant in the current retail landscape. While the store may offer some quality interview attire at a discounted price, the brand’s outdated styles and high prices could still be a deterrent for younger consumers. It remains to be seen if the potential acquisition and restructuring will help position Express for success in the future.