It seems even with the boost in apparel sales provided by the holiday season, not everyone has been able to reap benefits in their entirety.
Longtime apparel retailer Gap announced today that they will be closing their three-floored location in Midtown, New York City. The fifth avenue location was formerly Gap’s flagship location before that title was officially passed to its Times Square location in 2017. Gap Inc.’s CEO Art Peck announced at the company’s last earnings call that hundreds of Gap stores would be planned for closure, including flagship locations. Store sales have been down 7% in the last quarter, and brand has been struggling in general. “We have had a lot of stores that are in the bottom half of the fleet that have continued to deteriorate over time,” Peck explained at the earnings call. “And it is my strong belief that we’ve kicked the can down the road on this and offered a deteriorating customer experience… These stores are a drag on the health and a drag on the performance of the brand.”
The Midtown Gap location is planned to close on January 20th, 2019.
