Gap Closing Stores
October 14, 2011 by staff
The retailer announced Thursday plans to close 189 points, or 21 percent of the Gap store of the same name in the U.S. end of 2013. The largest U.S. chain clothing, which also runs Old Navy and Banana Republic chains, plans to triple the number of Gap stores in China from 15 to late 45 to late next year.
The plan is designed to achieve the goal of the company to reduce its total square footage in the U.S. by 10 percent since late 2013, while doubling revenues outside the U.S. and 30 percent by the end of that year.
Like many U.S. companies, Gap has been looking abroad for growth of Americans continue to cut spending in an economy in U.S. sales gap have decreased considerably due to increasing competition from real estate agents and specialty retailers Abercrombie and Fitch & cheap as H & M.
On Thursday, the company said it plans to have closed 34 percent of its stores Gap between 2007 and 2013. After reduction, the company will have 700 remaining stores, down from 1,056 in 2007. Abroad, the company said its first Gap store in Hong Kong will open in a couple of weeks, and the first Banana Republic in Paris later this year. Gap Inc. also plans to extend Old Navy to Japan in the next 18 months.
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