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Gap Inc. is moving away from the nation’s malls.
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The San Francisco-based retailer, which was for decades a fixture at shopping malls around the country, said Thursday that it will be closing 220 of its namesake Gap stores — or one-third of its store base — by early 2024. That will result in 80% of its remaining Gap stores being in off-mall locations.
As part of its restructuring, Gap Inc. said it also plans to close 130 of its Banana Republic stores in North America in three years.
GAP'S OLD NAVY SPINOFF IS TORPEDOED
The announcement made at a Gap Inc. investor meeting detailed a three-year plan that calls for closing what amounts to 30% of the company’s Gap and Banana Republic stores in North America and focusing on outlets and e-commerce business.