June 19, 2018

Gap to Shift Focus to Old Navy, Athleta Stores

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

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.

House plans Wednesday vote on Harvey aid
Of course, increasing the debt limit without taking a look at the nation's spending just perpetuates the problem. Senate Majority Leader Mitch McConnell, R-Ky., predicted bipartisan support to lift the debt ceiling.

"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.

Other News

Trending Now

Liverpool Starlet Ben Woodburn Provides Brilliant Assist in Wales Win
And he wanted to make sure he could one day fill his boots for the Dragons and not slip away back across the border. That said, Moldova had come close to a rare victory in the two games preceding their match with Serbia .

Your Google Assistant is coming to new speakers, appliances and more
As of Friday 25 August, Apple users in the UK, Germany and France can install Google's answer to Siri for free. You can link up two or more LINK speakers and get a great experience in your home or outside.

Putin: Trump is not my bride
Ms Haley said the United States would circulate new draft sanctions and wants the Security Council to vote on them Sept 11. North Korea on Sunday claimed to have tested a hydrogen bomb that can be mounted to an intercontinental ballistic missile.

Indian journalist critical of right wing shot dead at her residence
Rahul Gandhi tweeted, "Anybody who speaks against ideology of BJP-RSS is pressured, beaten, attacked and even killed". Lankesh worked with various publications, including Sunday magazine, and later for a Telugu TV channel in New Delhi .

National Football League stands by its premature suspension of Ezekiel Elliott
Tiffany Thompson , Elliott's ex-girlfriend, said the Cowboys star physically abused her on multiple occasions in July 2016. If Elliott were to accept his suspension outright, it would begin in Week 2 - but as expected, he is fighting the ruling.

Venus Williams, Sam Querrey aim for US Open semifinals
But Querrey wouldn't win another point, with Anderson reeling off the last three to end the match after almost 3½ hours. Momentum swung firmly in Carreno Busta's favour at 3-4 in the second set after the Spaniard fell behind 0-40.

Hurricane Irma disrupts travel as storm bears down on Caribbean
He declared a statewide state of emergency and activated 100 Florida National Guard members to help with storm preparations. It's a potentially devastating hurricane, and with severe impacts from wind, storm surge, and possibly also rainfall.

Five things to know about Ohio State
IN found some success in stopping Ohio State's passing attack and the Sooners will look to have an even stronger showing. Now, before you try to haul me off in a straight-jacket and committed to the insane asylum, hear me out.

Trump's deal with Democrats makes Republicans shudder
The U.S. dollar got a boost on news of agreement on the debt ceiling, which caps how much money the U.S. government can borrow. The party in power - in this case Republicans - often argues for as long of a debt limit increase as possible for two reasons.

BDO to advise on potential Bell Pottinger sale
The public relations trade body described Bell Pottinger's work for the South African based Gupta family as "reprehensible". Bell Pottinger has been at the centre of a storm since the #GuptaLeaks emerged.