Gap will shut all its 81 stores in Britain and Ireland by the top of September as it will increase its focus on online purchasing, it mentioned on Wednesday. The retailer additionally plans to shed its 32 areas in France and Italy.
“The e-commerce business continues to grow and we want to meet our customers where they are shopping,” Gap mentioned in an announcement.
The firm is in negotiations with Hermione People and Brands, the retail department of FIB Group, to take over Gap stores in France, whereas a purchaser for the Italy areas remains to be not sure.
The retailer mentioned in October that it would shut 30 %, or 350, of its Gap and Banana Republic stores in North America by January 2024 as it tries to scale back its publicity to declining indoor malls. Gap additionally plans to focus on its Old Navy and Athleta manufacturers, hoping to open at the very least 50 more of areas by the top of the 12 months.
Only about 17 % of the corporate’s general gross sales got here from indoor malls within the first three months of this 12 months.
Gap’s first-quarter gross sales rebounded 89 % to $four billion from a 12 months earlier and rose eight % from the identical interval in 2019. It posted a revenue of $166 million, in contrast with a lack of almost $1 billion a 12 months earlier.