Gap closes more US stores, plans overseas expansion
US apparel retailer Gap Inc. plans to close more of its US stores while expanding abroad, particularly in China, the company said on 13 October, 2011.
Closings will bring the number of Gap stores in North America to 700 by the end of fiscal 2013, a reduction of 34% from 2007. The company also will maintain 250 Gap Outlet stores.
Currently, there are Gap stores in seven Inland sites, according to the retailer’s website.
The company did not list which stores it plans to close.
Gap operates The Gap, Old Navy and Banana Republic retail chains as well as Athleta, an athletic-wear brand, and Piperlime, an online shoe and apparel retailer.
The company said it would triple its China stores to 45 by the end of 2012 and is taking Old Navy abroad, too, starting in Japan. Athleta is planning 50 store openings by the end of 2013.
Sales increased 16% in the first half the year outside North America, the company reported, and they were up 19% online. By the end of fiscal 2013, sales abroad and online are expected to represent 30% of all sales. Worldwide, Gap operates 3,100 company stores and has 200 franchises in 36 countries.
