Express reported a loss in the fourth quarter that was smaller than expected and sales that missed expectations as the pandemic continued to bite into its results.
The fashion apparel retailer also revealed that it is thinking smaller in terms of its stores. Speaking on the earnings call, CEO Tim Baxter said the company sees an opportunity to diversify its store fleet, which is predominantly mall based. To that end, it has opened two “Express Edit” concept stores, one in Columbus (Ohio) and another in Nashville. The stores, which are street locations, have a smaller footprint at 1,400- to 4,000-sq.-ft. and a product mix curated to reflect local styles and trends within a particular market and even neighborhood.
“We plan to add eight more Express Edit concept stores in 2021, which are short-term leases to allow us maximum flexibility as we learn about this new format,” Baxter said on the call. “And as we continue to learn what the street-side smaller Express Edit locations could do, we actually have the opportunity to potentially expand that fleet.”Chain Storeage