200 Gap and Banana Republic Stores to Close

Gap Inc. announced Wednesday it will focus on growing its Old Navy and  Athleta brands and will shutter a significant number of its Gap and  Banana Republic-branded store fronts. According to The Los Angeles Times,  the company plans to close approximately 200 Gap and Banana Republic  stores in the next three years and will open about 270 Old Navy and  Athleta stores during the same period. 

“We continue to move with the  customer and meet them where they are,” Gap Chief Executive Art Peck  told analysts Wednesday at a Goldman Sachs Global Annual Retailing  conference. The company has been cutting the number of stores over the  last decade or so, closing 650 stores and reducing its footprint by five  million square feet since 2005.