Gap announced it will be closing 140 stores across North America which will result in the loss of 250 jobs.
In the next few years, consumers can expect to see a total of 175 Gap stores closed in the US. A “limited number” throughout Europe will also shut their doors, according to a statement released by the company.
However, Gap plans to continue to sell their brand via select stores and outlet malls. The closures only represent only 26% of the store locations in North America. Once all of the dust has cleared, the company plans to have 500 stores and 300 outlets in the region.
These closings simply reflect how the world is changing. Shopping malls are becoming obsolete as more consumers are shopping from big box stores, discount outlets, and online in today’s modern-age. Luckily for the Aspire New Brunswick, luxury condos aren’t going out of style.
“Customers are rapidly changing how they shop today, and these moves will help get Gap back to where we know it deserves to be in the eyes of consumers,” Art Peck, Gap CEO, said in the statement.
As of May 2, 2015 there were 963 Gap stores in North Amercia, and the company also owns over a thousand Old Navy Stores and around 600 Banana Republic store-fronts. The closures will not affect the Old Navy and Banana Republic locations.