EXPRESS Announces Timing of Bicoastal Flagships in 2013
COLUMBUS, Ohio, July 23, 2012 /PRNewswire/ -- Express, Inc. (NYSE: EXPR), a specialty retail apparel chain operating over 600 stores, today announced that the company will open two flagship locations in Times Square in New York City and Union Square in San Francisco. Both locations are scheduled to open in 2013. Union Square, located at the corner of Powell and Geary streets, is scheduled to open next summer; and Times Square, located at the corner of 46th Street and Broadway – in the heart of the Bowtie – is scheduled to open in the fall.
"We are extremely excited to officially announce both of these flagship locations for 2013," said Michael Weiss, chairman, president & CEO of Express, Inc. "The age old mantra of 'location, location, location' was certainly at work in the selection of these two properties. These flagships will not only reflect the strength of our fashion authority within these two cities, but also serve as a gateway to our brand for international visitors and shoppers as part of our international expansion strategy," he added.
Times Square: Located at 1552 Broadway, the Times Square location is comprised of approximately 30,000 square feet and will feature three selling floors. The prominent location also includes a 125 foot tall, 9,000 square foot LED sign package on the facade of the building facing Broadway. The property is owned by joint venture partners SL Green Realty Corp. and Jeff Sutton.
Union Square: Located at 301 Geary Street, the Union Square location is comprised of approximately 16,000 square feet and will feature two floors, plus a mezzanine, of selling space. One of the vacating tenants delayed Express taking possession of the space. The property is owned by Handlery Hotels, Inc.
Both locations will be constructed in Express' new store design created by Japanese design firm, Wonderwall. With uptown finishes and downtown cool, the store features design elements of refined chic and forward-thinking composition that creates individual spaces with a sense of style. Divided into three sections of Men's, Women's and a dual-gender Denim Lab, products are divided by lifestyle categories and outfitted by gender. A refined Express brand is conveyed through the use of modern industrial fixtures, displays and textures. Mortar walls and concrete floors create an open, expansive space accented with aged oak wood floors. Glossy white walls divide the space into rooms and provide a dynamic contrast to the natural wood outrigger shelving system.
About Express, Inc.:
Express is a specialty apparel and accessories retailer of women's and men's merchandise, targeting the 20 to 30 year old customer. The Company has over 30 years of experience offering a distinct combination of fashion and quality for multiple lifestyle occasions at an attractive value addressing fashion needs across work, casual, jeanswear, and going-out occasions. The Company currently operates over 600 retail stores, located primarily in high-traffic shopping malls, lifestyle centers, and street locations across the United States, in Canada and in Puerto Rico, and also distributes its products through the Company's e-commerce website, www.express.com.
Certain statements in this press release are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact and include, but are not limited to, new store openings and international expansion strategy. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are (1) changes in consumer spending and general economic conditions; (2) our ability to identify and respond to new and changing fashion trends, customer preferences and other related factors; (3) fluctuations in our sales and results of operations on a seasonal basis and due to store events, promotions and a variety of other factors; (4) increased competition from other retailers; (5) the success of the malls and shopping centers in which our stores are located; (6) our dependence upon independent third parties to manufacture all of our merchandise; (7) our growth strategy, including our international expansion plan; and (8) our dependence on a strong brand image. Additional information concerning these and other factors can be found in Express, Inc.'s filings with the United States Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
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