Gap Inc. will close 220 namesake stores in North America by 2024, and just 20% of the rest of the areas will be in shopping centers, the Associated Press revealed. The organization likewise plans to close 130 Banana Republic stores.
Long an apparatus at shopping centers across the country, Gap is one of numerous retailers whose in-person deals have failed during the pandemic, as per the AP. Specialists, who for the record have little experience breaking down purchaser response to a worldwide pandemic, foresee that numerous customers will remain on the web on the off chance that it actually closes.
“We’ve been excessively dependent on low-profitability, high-lease stores,” Gap brand CEO Mark Breitbard said on a financial specialist call. Gap Inc. has been beefing with Simon Property Group over lease installments during the pandemic, Fortune revealed.
The organization’s Old Navy brand is as yet flourishing, nonetheless, and Gap Inc. plans to add 30 to 40 Old Navy stores to its current 1,200, as indicated by the AP. Old Navy represents half of Gap Inc’s. income.
Gap declared not long ago that it will close practically the entirety of its physical stores in Europe, Fortune detailed.