January 1, Pandemic Aftermath: 100+ Major Appeal Retail Stores Closing

The retail landscape has drastically changed in the aftermath of the pandemic. Indoor shopping centers are struggling, and apparel brands have shifted from dressy business attire to casual basics due to remote work schedules.

While athleisure brands have benefited, fashion-forward dress wear stores like Express are sinking. Express is the latest retailer to downsize amidst the shift in consumer demands.

After filing for bankruptcy, the company announced it will close more than 100 stores starting April 23, 2024. Known for its suits and work collection, Express is deeply rooted in mall culture but has failed to keep up with competitors, according to Neil Saunders, GlobalData managing director.

“With the company struggling to gain traction with consumers, it has been obvious for quite some time that bankruptcy was the inevitable destination for Express,” Saunders said.

Saunders also explained that the formal and smart casual market for both men and women has softened due to the rise of working from home and the casualization of fashion. “This puts Express firmly on the wrong side of trends and, in our view, the chain made too little effort to adapt.”

The planned closures will affect all 10 UpWest stores and 95 Express brick-and-mortar locations. However, Express and its brands are committed to being around for the long haul.

Customers can still shop online via the brand’s app, with the company stating that all brands are “fulfilling orders and processing returns, merchandise return policies remain unchanged, and gift cards and store credits are currently being redeemed in-store.”

Express CEO Stewart Glendinning said, “We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations.”

To strengthen its operations, Express plans to partner with investment company WHP Global on the potential sale of a large majority of its storefronts and operations, in addition to securing $35 million in financing funds. Glendinning expressed confidence in the proposed transaction, stating it “will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.”

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