Merchandising
Gap shuttering lots of mall-based locations
October 26, 2020
Gap will close 220 stores, many housed in mall centers, within the next four years.
The closings represent one-third of the retailer's stores, according to a Fox Business report, and will leave a good majority of its remaining stores in non-mall locations.
The move is part of an overall reorganization which will also include shuttering 130 Banana Republic locations in North America by 2023.
The news comes as retailers continue to grapple with the impact of the coronavirus which effectively shut down retail in the spring.
"We've been overly reliant on low-productivity, high-rent stores," Mark Breitbard, Gap CEO, told the media outlet. "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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