Gap Just Announced The Closing Of 230 Stores In Canada And The U.S
It’s looking like 2019 is not the year for retail because another heavy hitter has announced major closures.
Gap has just announced they’re closing 230 of their stores in the U.S and Canada
These new closures will be mostly in the U.S but some Canadian stores will be closed as well. Now it’s not every Gap store that’ll be shutting its doors forever. The closing locations will be the ones worldwide that are underperforming so there is hope for your beloved neighbourhood Gap store.
“We’re confident these closures will play an important role in revitalizing the brand,” the Gap Inc. CEO Art Peck said, USA Today reports.
Among this breaking retail news, this major shift has resulted in Old Navy becoming its own company. In case you’re unaware, Old Navy and Gap are sister companies. Robert Fisher, Gap Inc.’s Board Chairman said in a statement, “it’s clear that Old Navy’s business model and customers have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward.”
Here’s hoping someone can do the retail math to figure out what’s been happening these last few months because if this keeps up, where the heck are we going to shop?
Featured Image: Flickr
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