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10 September 2017, 03:36 | Clyde Nash
200 Gap and Banana Republic stores closing Gap Inc. is shifting its retail footprint away from its namesake brand
With its namesake brand losing favor among consumers, Gap Inc (NYSE:GPS) is taking drastic steps to streamline its business and focus on other brands that are performing well.
To that end, Gap will close 200 "underperforming" Gap and Banana Republic stores and add 270 new Old Navy and Athleta stores through 2020, while increasing its online presence.
The company noted that it expects Old Navy sales to surge to over $10 billion over the next few years.
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 declined to specify how many of each brands' stores will close or where the soon-to-be shuttered stores are located.
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"This is an industry that is not historically rewarded scale and leverage", Gap CEO Arthur Peck told analysts at the conference.
Gap's decision to trim the office and cocktail party appropriate Banana Republic while it grows its trendy, yoga pant and athletic clothing brand Athleta is also indicative of a larger cultural trend. But Gap Inc. also has long struggled with its own problems, mired in a sales slump as its clothes don't stand out in an overcrowded landscape.
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.
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