Gap has announced that it will be closing down 189 of it’s stores in the US.
The company, Gap Inc, which owns the Gap, Banana Republic and Old Navy chains, also stated that they would be downsizing other US locations, and will be focusing on international expansion.
At this time, they are not saying which store locations will close. Gap spokeswoman Louise Callagy said.”We’ve been in some malls for a really long time; in some instances the demographics may have changed, so it may not make sense for a Gap brand store to be there anymore.”
The company plans to reduce the number of Gap brand stores to about 700 by the end of 2013, it currently has 889. Back in 2007 Gap had 1056 stores in the US, but have been closing stores as they struggled with profitably since that time.
While downsizing here, Gap is expanding elsewhere – in China, the company plans to triple the number of stores from it’s current 15 to about 45 by the end of 2013. Gap currently owns approximately 3,100 stores, and has 200 franchise stores, in 36 different countries.