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.
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