Just before Black Friday, the CEO of Gap Inc. announced that the store would be closing hundreds of their locations. Gap Inc., compared to Old Navy and Banana Republic, has been facing a hard time keeping up sales. Unlike Old Navy and Banana Republic, Gap’s revenue has fallen within the last 12 months. Art Peck, CEO, said that the company faced a 7% percent drop within the year.
Peck did not disclose which stores would be closing, but he said immediate change is in the process. “There are hundreds of other stores that likely don’t fit our vision for the future of Gap brand specialty store, whether in terms of profitability, customer experience, traffic trends.” He went on to add, “I plan to exit those that do not fit the future vision quickly. I’m going to move thoughtfully but aggressively.”
Check out these other style related articles.