Gap Looking To Close Hundreds of Stores at Malls 'Quickly and Aggressively' (cnbc.com) 102
Gap plans to "quickly" close hundreds of Gap-brand stores that are "dragging down the brand," the company told analysts on Tuesday. From a report: The retailer said Tuesday evening that it still has 775 Gap-branded stores globally, in addition to those under the Old Navy, Banana Republic and Athleta banners. Gap Inc. has more than 3,000 stores around the world. The namesake brand, however, has been the weakest unit of the company of late. In the fiscal third quarter, sales at Gap stores open for at least 12 months fell 7 percent, while those at Old Navy and Banana Republic were positive.
"There are hundreds of other stores that likely don't fit our vision for the future of Gap brand specialty store, whether in terms of profitability, customer experience, traffic trends," CEO Art Peck said Tuesday evening during a call with analysts. "The range from the very best to the very worst stores is extremely broad." Peck said that should the company "address" the bottom half of its fleet of Gap stores, it could contribute more than $100 million to earnings. He added the company is looking to make decisions about shutting stores "with urgency," including looking at closing some of Gap's "amazing flagships." "There likely will be a cash cost to exit many of these stores, which we will attempt to minimize," Peck told analysts. "But I plan to exit those that do not fit the future vision quickly. I'm going to move thoughtfully but aggressively."
"There are hundreds of other stores that likely don't fit our vision for the future of Gap brand specialty store, whether in terms of profitability, customer experience, traffic trends," CEO Art Peck said Tuesday evening during a call with analysts. "The range from the very best to the very worst stores is extremely broad." Peck said that should the company "address" the bottom half of its fleet of Gap stores, it could contribute more than $100 million to earnings. He added the company is looking to make decisions about shutting stores "with urgency," including looking at closing some of Gap's "amazing flagships." "There likely will be a cash cost to exit many of these stores, which we will attempt to minimize," Peck told analysts. "But I plan to exit those that do not fit the future vision quickly. I'm going to move thoughtfully but aggressively."
Why shop at Gap (Score:2, Informative)
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Yeah, like the "pay gap" and the "race gap".
If the company goes about this in the same way the people who like to buy (steal) their clothes would, "quickly and aggressively" closing down stores would involve shooters, bags of cash and clothes, and lots of commotion and shouting..
"GAP - clothes for aggressive thugs"
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Because I've never heard of an Uniqlo before...
Not that I shop at the Gap, but never heard of your store before, will have to look it up.
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News for nerds? (Score:4, Insightful)
I mean, yeah, I get it, nerds wear clothes too, but so does almost everyone else.
am dissapoint. (Score:1)
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So in 5-6 years when we need new pants because the ones our moms bought for us 10 years ago finally gave up the ghost, we will want to know. File it away... it might be important.
I think this falls under "stuff that matters" (Score:2)
Also, I saw an article that made a good point, the retail apocalypse is going to wreck property taxes. All those shops pay taxes, and that pays for schools. Get ready for your property taxes to go up or for your schools to collapse. And jokes about
"News for Nerds" (Score:5, Insightful)
When was the last time anyone visiting this web site EVER shopped at a Gap retail store?
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It's not like there was a top 10 song about nerdiness that mentions The Gap...
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Weird Al's White and Nerdy:
https://www.youtube.com/watch?... [youtube.com]
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When was the last time anyone visiting this web site EVER shopped at a Gap retail store?
It's probably been 30+ years since I've set foot in a GAP.
Wilson Leather was my favorite mall coat store though.
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I've never even seen a "Gap" store.
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They have to sell "gaps", obviously. What kind of gaps they are, and gaps of what, I have no idea.
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I've bought a few items from them. But only like "amazing deal"-level online specials. Like got a Banana Republic polo for $12, to add to my workplace wardrobe, and a couple pairs of GAP slacks at similarly discounted levels. I'd never pay their full pricing.
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Why does anyone go there? Their clothes are overpriced and not particularly well made or good looking or practical. They use ridiculously thin models and mannequins that don't represent the way the clothes will look on normal people not suffering from eating disorders or death camp starvation.
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Allright, their sizing happens to be slightly varying all directions, actually. This may be the cost of manufacturing way afar from SF or NY. You can get comments on sizing in feedback sections for every product at online store (US or GB, not EU), they also show how M size dress is sitting on particular model - this is very helpful for you to get an idea how tight M is in regards to you. This often is correct.
I am hooked to their EU online store right now, after running into their shop in Paris and picking
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The last time my ass fit in their pants was over twenty years ago, but they used to have some really nice slacks. What do I lose?
OooooKaaaay, explain this one. (Score:2, Insightful)
How is this news for geeks and nerds?
Do we have retail nerds here now?
Is it because of Amazon and Bezos?
Why am I asking rhetorical questions?
Could it be that I've been infected by Slashdot's editors?
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Will all the replies to your comment be in the form of a question?
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Maybe?
Help is on the way (Score:1)
What are you wearing, "Jake"? (Score:3)
Will gap shutdown before sears? (Score:2)
Will gap shutdown before sears?
Fall Into The... (Score:2)
Gap. [youtube.com]
That's what "gap" stands for: Great Looking Pants.
Who gives a shit? (Score:5, Insightful)
When did /. become yahoo home page? Who gives a shit if Gap closes?
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Looking at jwhyche's ID, I'm not sure it's a good idea... Are you trying to send him to jail?
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You will, because we're sending all the teenage girls to your house.
Teenage girls don't shop at Gap. Their mothers do.
That is the crux of their problem.
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I agree. There appears to be a bigger pattern going on: many brick-and-mortar stores are closing. I don't know if it will increase total unemployment, but it will be disruptive to millions of people, especially older people who have difficulty changing careers due to agism etc.
It's argued the "Digital Revolution" is (or will be) as disruptive to society as the industrial revolution was. Somebody who had been farming for 3 decades had difficulty changing into a factory worker. Nobody really knows where the
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And in the industrial revolution the world was a lot less crowded than it is now. There was always the option to go and be a farmer somewhere else. OK, there were already people there who weren't too happy about that, but that created another kind of employment opportunity. At one hundred yards, volley fire ...
It's win-win. Well, not so much for those on the receiving end of the volley.
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Because us Brits will lose out on a load of corporation tax we collect from them. Oh wait - no, they don't pay any.
If they can't make a business when they save some 20% of costs over everyone else, then, well, you probably can't make a business.
Wha? (Score:5, Insightful)
This is neither "News for Nerds" nor "Stuff that Matters."
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Breaking News (Score:2)
Company boards waking up to realize that overextending yourself and your brand can be negative to profit margin, news at 11. In all seriousness though, there's still value in brick and mortar but using that model as solely a distribution is dying. Customers are seeing that simply walking into a store just for the ability to purchase something isn't worth their time.
That's not to say general retail is dead, quite the opposite, but name-brand shopping isn't the same as going into WalMart and grabbing the fi
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Who on this site actually cares? (Score:2)
I suspect no one. Wrong site editors. News for Nerds is calling and wants it site back.
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Hello Trump Recession! (Score:2, Interesting)
People finally came to their senses (Score:2)
Odd (Score:2)
Ummm, this is News for Nerds, not News for Thirty-Something Formerly Self-Imagined Cool Kids.