Gap, Banana Republic to Close 200 Stores

Gap, Banana Republic to Close 200 Stores

Gap, Banana Republic to Close 200 Stores

Gap expects Old Navy to exceed $10 billion in sales over the next few years, according to MarketWatch.

Gap making bold moves to address declining retail sales in their longstanding stalwart brands, Gap and Banana Republic, announcing Wednesday that they're closing 200 underperforming stores and will then open 270 new locations of the two brands that are doing well for them, Old Navy and Athleta.

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. Meanwhile, Athleta sales will eclipse $1 billion.

The company expects about 500 million dollars in expense savings over the next three years by better leveraging its size and scale, cross-brand synergies and streamlining operations and processes. Over the next three years, the company aims to make significant investment in areas including direct fulfillment capacity, loyalty, personalization, omni-channel services, artificial intelligence and other data-driven customer experiences. That has resulted in sluggish traffic at the stores.

Why Self-Driving Car Companies Are Cheering Congress Today
A bipartisan group of US senators has been working on similar legislation and could circulate a draft of the measure this week. Not surprisingly, the auto industry has come out in favor of the revised guidelines and House bill .

Brexit to set the tone for Parliament as summer break ends
Now is the time for her to start putting things right, for the sake of the 17.4 million people who voted to leave the EU. THERESA May offered to compromise with Tory MPs furious about a government power grab in the landmark Brexit bill.

Eagle Creek Fire suspect identified, fire likely started from misuse of fireworks
Evacuation orders remained for parts of OR on September 5 as the Eagle Creek Fire spread to 4,800 acres, official reports said . The cause of the Eagle Creek fire has been determined to have been man-made potentially from the misuse of fireworks.

The company has been offering frequent discounts to get shoppers to buy, but recently it's been trying to pull back on price cutting.

The company did not reveal which stores will close.

Peck told analysts that its online and mobile business has seen the highest sales and profitability growth of the divisions. It's also testing a subscription service at its Baby Gap brand.

Related news

[an error occurred while processing the directive]