GAP closed 200 stores

By gta_admin, in Comapny news National News on . Tagged width:

Mumbai: GAP Inc., the US-based apparel retailer which has been reducing its store numbers from last few years, is planning to close more of its underperforming Gap and Banana Republic stores.The retailer currently operates around  2,000 Gap and Banana Republic stores globally and is likely to close around 10 per cent (200 stores) of them.

Mumbai: GAP Inc., the US-based apparel retailer which has been reducing its store numbers from last few years, is planning to close more of its underperforming Gap and Banana Republic stores.The retailer currently operates around  2,000 Gap and Banana Republic stores globally and is likely to close around 10 per cent (200 stores) of them.

Both Gap and Banana Republic brands have been struggling to cope with the declining sales in the recent years, lagging behind the so-called fast fashion retailers such as Zara, Forever 21 and H&M.

On the other hand, GAP Inc. has announced that it will open around 270 Old Navy and Athleta stores in the next three years to capitalize on the brands’ growing sales. The fashion retailer has been witnessing a continuous drop in its store traffic. The move of opening new stores and shuttering the unprofitable ones is expected to improve the overall sales figures of the company.

GAP Inc. has expressed hope that Old Navy which generates about 50 per cent of the company sales will reach US $ 10 billion-mark in the next few years. Athleta is also expected to tap the US $ 1 billion sales figure soon.