200 Gap and Banana Republic stores closing Gap Inc. is shifting its retail footprint away from its namesake brand
10 September, 2017, 15:39
When Gap reported second-quarter earnings on August 17, the NY retailer revealed that Old Navy same-store sales were up 5% year over year, while Gap sales fell 1% and Banana Republic sales dropped 5%.
Gap expects Old Navy to exceed $10 billion in sales over the next few years, according to MarketWatch.
Gap Inc. will close 200 of its Gap and Banana Republic stores over the next three years, the company announced Wednesday. "We will leverage our iconic brands and significant scale to deliver growth by shifting to where our customers are shopping - online, value and active", said Art Peck, President and CEO, Gap Inc.in a statement. Meanwhile, Athleta sales will eclipse $1 billion.
Gap offers its services through e-commerce platform which includes cross-brand shopping, omni-channel services, pick-up in store, buy online service yet to come and new personalization engine powered by customer data.
The company also plans to streamline operations, which is estimated to eventually save $500 million annually. That has resulted in sluggish traffic at the stores. It's also been working hard to improve fit - a problem that has long bedeviled the retailer - and it's been trying to rework its fashions.
Peck told analysts that its online and mobile business has seen the highest sales and profitability growth of the divisions.
Shares of Gap rose nearly 6 percent to $25.39 in midday trading.
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