Gap, Banana Republic to close 350 stores, fleeing malls - Business Insider

On Thursday, Gap Inc. announced plans to close roughly 350 Gap and Banana Republic stores in North America by the end of 2023. That represents a 30% drop in its total number of locations. close more than 225 Gap and Banana Republic stores in 2020.

In 2019, there were 1,216 Gap and Banana Republic locations in the US and Canada; by the end of 2023, there will only be roughly 870 left. "As result of this work, our mall-based exposure will decline meaningfully," Gap Inc. chief financial officer Katrina O'Connell said in an investor presentation on Thursday. Gap said that in 2023 roughly 80% of its revenues will come from online sales and locations outside of malls.

Mark Breitbard, the CEO of the Gap brand, said that the shift away from malls represented "huge changes" for the company, where the mall business was once front-and-center. The pandemic introduced a new crisis for retailers, with Gap Inc. temporarily closing all stores in the spring.

Real news that all Americans should be concerned about

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

An Inside Look At This CEO’s Refreshing Way Of Doing Business In The Beverage IndustryFor Certified Holistic Educator, Raw Food Chef, Plant-Based Nutritionist, and Founder of organic juice brand Garden of Flavor Lisa Reed, it’s all about the juice.
Source: Forbes - 🏆 394. / 53 Read more »

Target launches technology to monitor lines at stores in real-time - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Starbucks is testing its first fully vegan breakfast sandwiches at one store near Seattle - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Digital-Only Bank Account Holders Forecast from Insider Intelligence - Business Insider[NEW REPORT] Digital-Only Bank Account Holders Forecast: insider_intel explores key factors expected to affect digital-only bank account holder growth in the US, UK, and Canada between now and 2024
Source: BusinessInsider - 🏆 729. / 51 Read more »