Banana Republic is set to disappear from Britain's high streets, after its US parent company Gap announced it was closing all eight of the brand's physical stores in the UK.
Earlier this year the once-mighty fashion chain announced it would cut 75 Old Navy and Banana Republic stores outside its home country, amid falling sales and stiff competition from lower-price and online rivals.
Gap says that all of the stores should be closed by the end of the financial year next spring. British shoppers will be able to continue to buy through the BananaRepublic.com website.
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"Sales of the Banana Republic and Gap brands have been falling for some time, with comparable sales at Banana Republic stores down nine per cent last quarter, its sixth straight quarter of decline," says The Guardian.
Banana Republic arrived in the UK in 2008 and this was unfortunate in terms of timing, says the Daily Telegraph.
"Firstly, the recession transformed shoppers into bargain hunters who either turned to the likes of Primark or waited for the sales to make their purchases."
"Secondly, the rise of smartphone usage has caused a boom in online shopping which has meant that physical stores have suffered from a drop in footfall.
The brand also failed to keep up with current trends, says Telegraph fashion editor Victoria Moss, who says in recent years shoppers could pick up "the same… pieces at Zara, Massimo Dutti or Cos – for better value ".
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