Columbus, Ohio -- Express said Friday that one of its subsidiaries has entered into a franchise agreement with Fastco Commercial S.A., a retail franchise operator, to open more than 30 Express stores over a five-year period in Panama, Peru, Costa Rica, Colombia, The Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras and Nicaragua.
Express said it expects there will be up to three Express locations open in Panama, Peru, and Costa Rica by the end of the fourth quarter. The product assortment in these locations will resemble that of the U.S. stores with moderate seasonal adjustments. The stores are expected to have the same new store design that Express is rolling out in the U.S.
"This is another exciting step in Express' international expansion strategy, particularly with such an experienced partner," said Michael Weiss, president, chairman and CEO, Express.
The company previously announced that it plans to drive international expansion through a three-pronged approach that includes company-owned stores, joint venture relationships and franchise agreements.