The stores that will be closing include San Francisco’s Embarcadero Centre, Stonestown Galleria and its flagship store on Market Street.
The San Francisco-based clothing retailer owns several other brands including Banana Republic and Old Navy and has seen a decrease in sales across its entire portfolio. In a statement, the company has commented: ‘We are confident these closures will strengthen the health of our company moving forward.’
‘As part of Gap Inc’s strategy to adapt to the changing needs of the customer and growth of our online business, we are looking thoughtfully at our real estate to support the best path forward. As a result, we are closing a number of stores across the Gap Inc. fleet. We are committed to quickly and decisively addressing stores that are underperforming and reviewing lease agreement that don’t fit our vision for the future of Gap Inc.’
The Gap Store on Chestnut Street will remain open as well as a number of Banana Republic and Old Navy store locations.
