The Gap brand intends to close hundreds of stores due to falling sales

American retailer the Gap Inc. plans to liquidate several hundred flagship brand stores due to a significant drop in sales.

Most of the stores that fall under the closure, operate in shopping centers, according to the portal Commercial Property.

The brand now has “hundreds of stores” that do not satisfy the company in profitability, traffic and customer experience terms, according to Art Peck, Gap CEO. Thus, the Gap intends to decide on the urgent many shops closure, including several flagships.

The Gap brand showed the weakest sales figures (the Gap Inc. portfolio includes Gap, Banana Republic, Old Navy, Athleta brands) – 7% fall, according to the corporation financial report for the year third quarter. Other corporation brands sales dynamics, with the Gap chain exception, remain positive.

Note, the company GAP Ukraine, which is Turkish Fiba Retail part, is developing the GAP chain stores by franchise in Ukraine. The brand first trade object in the country opened in 2011 in Kiev. Now GAP outlets are working in the Kiev SEC’: Ocean Plaza, Sky Mall, Karavan, Dream Town, as well as in the SEC Dnepr Passage.

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