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Gap exiting malls, to shutter 350 stores by 2024 – Fox Business

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https://www.foxbusiness.com/markets/gap-exiting-malls-shutter-350-stores

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Space Inc. is moving away from the countrys malls.The San Francisco-based merchant, which was for years a fixture at shopping malls around the country, stated Thursday that it will be closing 220 of its namesake Gap shops– or one-third of its store base– by early 2024. That will result in 80% of its staying Gap shops being in off-mall locations.TickerSecurityLastChangeChange %GPSGAP21.12-0.01 -0.05% As part of its restructuring, Gap Inc. said it also prepares to close 130 of its Banana Republic shops in North America in three years.GAPS OLD NAVY SPINOFF IS TORPEDOEDThe announcement made at a Gap Inc. investor meeting detailed a three-year strategy that calls for closing what amounts to 30% of the companys Gap and Banana Republic shops in North America and focusing on outlets and e-commerce business.Customers at a Gap Inc. store in New York. The lockdown of the economy led consumers to move more of their spending to online, which lots of professionals believe will be permanent.GAP LOSSES NEAR $1B IN CORONAVIRUS FREEFALL” Weve been extremely reliant on low-productivity, high-rent stores,” said Mark Breitbard, CEO of the Gap brand name, which was founded in 1969.

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