Gap Inc. announced on Thursday it plans on closing 30 percent of its Gap and Banana Republic stores in North America over the next three years in order to focus on outlet stores and e-commerce.
This will affect 220 Gap and 130 Banana Republic stores. The Gap has been a mall mainstay, but that's no longer working, the company said, and after the closures 80 percent of the remaining stores will be outside of traditional malls. "We've been overly reliant on low-productivity, high-rent stores," Gap CEO Mark Breitbard said. "We've used the past six months to address the real estate issues and accelerate our shift to a true omni-model."
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