Ad Spot

November 25, 2020

Gap Inc. closing 350 stores, moves towards leaving malls

 Gap Inc. said it will be closing 220 of its namesake Gap stores.

The San Francisco-based retailer, which was for decades a fixture at shopping malls around the country, said Thursday that it will be closing one-third of its store base  by early 2024. That will result in 80% of its remaining Gap stores being in off-mall locations.

As part of its restructuring, Gap Inc. said it also plans to close 130 of its Banana Republic stores in North America in three years.

The announcement made at a Gap Inc. investor meeting detailed a three-year plan that calls for closing what amounts to 30% of the company’s Gap and Banana Republic stores in North America and focusing on outlets and e-commerce business.

The moves come as Gap and other clothing retailers are trying to reinvent themselves during the pandemic, which forced many non-essential stores to temporarily close in the spring and early summer. The lockdown of the economy led many shoppers to shift more of their spending to online, which many experts believe will be permanent.

“We’ve been overly reliant on low-productivity, high-rent stores,” said Mark Breitbard, CEO of the Gap brand, which was founded in 1969. “We’ve used the past six months to address the real estate issues and accelerate our shift to a true omni-model.”

But the company plans to add more of its thriving low-priced Old Navy and Athleta stores. Executives said that Old Navy, Gap Inc.’s biggest business with annual sales of $8 billion in its most-recent year, is forecast to grow to $10 billion by early 2024. The plan is to open 30 to 40 new stores in the next three years. Old Navy now has about 1,200 stores.

Athleta, which sells activewear, is forecast to double in revenue to $2 billion in that time frame. It has about 200 stores in the U.S. Its goal to have roughly 300.

News

Parents arrested after infant girl hospitalized with alcohol in system, investigators say

News

Longtime Mississippi judge, pioneer for women leaders has died

News

‘Admirable and heartbreaking’ – Home health nurse dies after saving paralyzed patient from house fire

News

Mississippi hospital space limited as more coronavirus cases hospitalized; state statistics near record levels

News

Wines sales in Mississippi grocery stores? Mississippi lawmaker thinks now is the time

News

A gunshot wound and ‘suspicious markings’ but still no killer a week after hunters find body in woods

News

Murder suspect tells judge he fears for life in jail, needs lower bond; judge denies request

News

Tennessee says COVID-19 vaccine will be ‘choice’ but not requirement for schools

News

New virus orders: Half of Mississippi counties now under mask orders

News

Efforts to convince Mississippians to take coronavirus seriously ‘going nowhere,’ state health officer says

News

Mississippi’s November COVID stats beginning to look a lot like July’s which could forecast deadly December

News

Mississippi reports dozens more deaths as coronavirus spreads across state

News

Mississippi model run over, killed by former cop and father of her child, police say

News

Mississippi business destroyed by fire

News

Thanksgiving eve thunderstorms possible across parts of Mississippi

News

Mississippi teen headed to prison after Internet prank leaves friend burned, disfigured

News

Mississippi woman ran over her girlfriend with car, police say; one jailed, one hospitalized

News

Former Mississippi cop charged after pedestrian fatality

News

Mississippi doctor acquitted on 7 of 8 counts in pain cream fraud case

News

Federal agency clears way for Joe Biden transition; Trump still says he will ‘prevail’

News

Leader of Mississippi’s largest hospital wants Tate Reeves to issue state mask mandate

News

Mississippi 25-year-old dies after battle with COVID; family says she was ‘perfectly healthy’ before virus struck

News

Mississippi man gets 40 years in prison after wife’s charred remains discovered in bucket

News

Forensics experts called after Mississippi homeowner finds unidentified bone in yard