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 Inc.is 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.

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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.

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