Express Files IPO, Is in Growth Mode

Express, an apparel retailer with 573 stores that targets men and women in their 20s, looks to raise $200 million in plans to go public. As part of its strategy, the Columbus, OH-based retailer is in the works to open 30 stores annually in North America over the next five years.The move follows the IPO of Rue21, another apparel concept geared toward both sexes in their teens, albeit that chain has more ambitious growth plans. And observers expect more retail public offerings in 2010. In the case of Express, sales were down 4.7% during the nine months ended Oct. 31, totaling $1.2 billion. However, the chain did post earnings of $29.3 million, up from a $1.9-million loss in the same year-ago period.We're sure that retail landlords are happy about this news, especially after the recent announcement that Jones Apparel is closing 166 stores this year. But we would assume that openings by Express and Rue21 probably aren't making up for all of the holes left behind by recent store closures.ALSO: If Simon Property Gets Its Way, It Could Be Monopoly in the Malls