Gap to close 200 stores in next three years

10 September, 2017, 15:40 | Author: Gary Shelton
  • Gap Inc. says it will shift its focus to its growing brands Old Navy and Athleta and away from the Gap and Banana Republic

Gap Inc.is shifting its retail footprint away from its namesake brand.

The company announced this week that it will close 200 poor-performing Gap and Banana Republic stores.

Over that time period, it will shift its focus to growing brands Old Navy and Athleta and open about 270 of those stores.

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Both Gap and Banana Republic, which have been underperforming, will still have many stores in North America after the closures, however.

"We continue to move with the customer and meet them where they are", Gap CEO Art Peck told analysts Wednesday at a Goldman Sachs Global Annual Retailing conference that was broadcast over the internet.

Meanwhile, Old Navy has done relatively well, with sales up five percent last month. Old Navy's net sales are expected to exceed $10 billion "in the next few years", while Athleta is expected to hit $1 billion, "driven by growth in online and mobile channels, US store expansion, and continued market share leadership in loyalty categories", the company said.

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Louisiana has 15 Old Navy stores, including four in the New Orleans area, but only one Athleta store, located at Lakeside Shopping Center in Metairie.

Athleta, a chain of women's sports apparel stores owned by Gap Inc., is opening its first Arkansas location at The Promenade at Chenal, a representative of the west Little Rock shopping center confirms.

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