Gap Inc. and its ubiquitous clothing chains helped epitomize the middle-class American shopping experience for decades. But its second quarter results, in which the San Francisco-based company posted a comparable sales gain of just 1.0 percent, underscore a more downscale course for the retail industry and American consumers.
As a result of lackluster performance, Gap Inc. plans to close 200
underperforming Gap and Banana Republic stores over the next three
years, while opening about 270 stores among the Old Navy and Athleta
brands, and what the company calls “value expressions.” The move will
leave Gap with about 70 net new stores, according to a company
statement.. . . more