Dallas, Texas 04/22/2014 (FINANCIALSTRENDS) – Express, Inc. (NYSE:EXPR) last week announced that it departing from established practice and opening up its first factory outlet store in Washington D.C at Tanger Outlets National Harbor. The outlet will be catering to both men and women and will offer its dual gender and unisex cloths line for outdoor, formal and sports activities. It also announced that through the rest of 2014, it will expand its factory outlets stores foot print to cover all states of U.S.
Explaining the business dynamics which induced this change of course on part of the company, Express, Inc. (NYSE:EXPR) vice president and general manager Andrew Buck has been quoted to have said that, “Factory outlets are an important growth initiative for EXPRESS, offering us a unique opportunity to acquire new customers by offering great fashion and quality at an amazing value. We are thrilled to present the EXPRESS Factory Outlet as an accessible shopping experience for young fashion-forward women and men.”
The firm executives believe that the new format embraced by the company to offer more customer touch points comes on the back of huge growth potential in the highly competitive cloths retailing segment. The management team believes that this move would make their clothes line more easily accessible to their largest target segment of young students and professionals in their early 20’s who are very conscious about conducting value purchases and are extremely price sensitive.
The newly launched factory outlets will stock the latest designs which are trendy, modern in outlook and offer a cool coefficient to both the men and women customers, the company press release noted. This move by Express, Inc. (NYSE:EXPR) comes on the back of the retailing stock posting huge losses on the browsers last week, after cloths retailing bell weather Gap reported lower than expected sales in the first quarter of this fiscal year.