Gap to Shift Focus to Old Navy, Athleta Stores

Gap shifts focus to Old Navy, Athleta, shutting 200 stores

Gap Inc. will close 200 of its Gap and Banana Republic stores over the next three years, the company announced Wednesday.

As Gap Incorporated shifts its focus, some Gap and Banana Republic Stores will soon be gone for good.

Gap Inc. said Wednesday it will focus its growth strategy around the Old Navy and Athleta chains going forward.

Sales have declined for both brands in recent years, as they lost ground to so-called "fast fashion" retailers like Forever 21. CEO and President Art Peck said in a statement.

When Gap reported earnings last month, Old Navy outperformed the other brands once again. As Consumerist reports, the company announced the changes at the Goldman Sachs 24th Annual Global Retailing Conference in NY without saying which locations they plan to close, but the company says the store closures should save them $500 million in expenses over the next three years.

The company noted that it expects Old Navy sales to surge to over $10 billion over the next few years. Athleta, which sells athletic clothing, is expected to exceed $1 billion in sales. The company plans to reinvest a portion of productivity related savings in its growth initiatives, providing opportunity for margin expansion.

The company added that it plans to continue making "significant" investments in its online operations, including in artificial intelligence technology.

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