Gap to close 21% of US stores
17 October 2011 09:53
Gap is to close 21% of its US stores in the next two years.
The retailer is also planning to expand its international business, tripling its outlets in China by the end of next year, to offset weak domestic sales.
"I'll be the first to say that our stores have not been executing with the consistency that they need to execute at in order to deliver the kind of brand experience that we are committed to delivering," Arthur Peck, president of Gap's North America business, said at the company's investor conference.
The group has overhauled its design team and shortened its "product pipelines" to be quicker at anticipating market trends.
The retailer also plans to open 50 outlet stores, which sell clothing at discount prices, within the next two years.
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