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

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Gap and Banana Republic are closing another 350 stores as retailers flee malls in the second wave of the retail apocalypse

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.

 

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