Gap is considering closing stores in some European countries, including the Republic, because it wants to save money on clothing retail when dealing with the sales slump caused by the Kovid-19 pandemic and competition from fast-fashioned companies.
Gap operates four stores in the Republic: Dunedrum, Blanchardstown, and Arnots and Limerick in Dublin.
The San Francisco-based company, which has 129 gap brand stores in Europe by the end of July, said late Tuesday that it is likely to close lets toilets in the Republic, UK, France and Italy by mid-2021.
The move comes amid a gap battle with fashion-of-fashion styles, which is pushing shoppers into clothing brands like Sarah and H&M. The corona virus crisis has exacerbated problems by disrupting brick-and-mortar sales around the world.
However, online sales of Gap’s Old Navy and Athletic brands have soared since the launch of Pandemic.
The company said it was reviewing its warehouses, distribution model, gap in Europe and e-commerce operations owned by Banana Republic.
The company said that in the partnership model, parts of Gap’s European business could be transferred to third parties. Earlier this year, it was planned to close 225 Gap and Banana Republic stores, which are not profitable globally, as part of a reorganization plan. – Reuters
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