Express, a popular retail chain, is taking steps to strengthen its financial position and optimize its store portfolio with the help of RCS Real Estate Advisors. The partnership aims to support Express in its financial restructuring efforts, which include streamlining its operations and right-sizing its lease portfolio.
As part of the restructuring process, Express plans to close approximately 95 stores nationwide and all of its UpWest locations. By realigning its footprint and adjusting rents based on sales performance at the remaining 400 stores, Express aims to position itself for success in the competitive retail environment.
Jon Thompson, VP of real estate at Express, expressed optimism about the partnership with RCS, stating that the collaboration will help the company align occupancy costs with sales performance to ensure profitability and competitiveness. Express, known for its diverse portfolio that includes Bonobos, operates stores of various sizes, with an average size larger than most retailers.
Ivan Friedman, president and CEO of RCS Real Estate Advisors, highlighted the firm’s expertise in assisting retail brands in distress and reducing occupancy costs to drive long-term success. RCS, founded in 1981, specializes in providing innovative solutions for complex real estate challenges in the retail sector.
The partnership between Express and RCS Real Estate Advisors underscores the commitment of both parties to navigate the evolving retail landscape and position Express for sustained growth and profitability.
