Gap Inc. closing 350 stores, moves towards exiting malls

25 Octobre, 2020, 14:56 | Auteur: Auguste Feret
  • Gap exiting malls to shutter 350 stores by 2024

Mark Breitbard, the head of Gap's global operations, said he wanted to bolster its franchise model rather than own shops.

The clothing retailer, which was a fixture for decades at the malls across the nation, said on Thursday that it'll be shutting 220 Gap stores by 2024.

Gap's comparable sales were up 13 percent at the end of the second quarter, due in large part to an expanded focus on e-commerce and to the success of the company's activewear brand, Athleta, which saw a 6 percent increase in sales during the quarter.

But the company plans to add more of its thriving low-cost Old Navy and Athleta stores.

The retailer had 129 Gap-branded stores in Europe at the end of July but was making huge losses because of the Covid-19 pandemic.

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"Franchise partnerships are a strong and cost-effective way to amplify the brand".

Store closures are scheduled for completion by fiscal year 2023, which ends February 1, 2024, with 75 percent scheduled to close in 2021.

A company spokesperson said it was looking at "alternative ways to operate the European e-commerce business".

Gap would not reveal the number of United Kingdom shop it has, nor the size of its employees.

The coronavirus pandemic has wreaked havoc across the already-struggling retail sector, which was battling a rise in online shopping, increased business rates and declining customer footfall. The San Fransisco-based company stated that about 350 stores of the Gap and Banana Republic stores scattered in malls in North America will be shut down.

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