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Gap, Inc. to Close 100 Stores
 Gap, Inc. plans to close about 100 stores while opening 50 new stores in 2009. A chart here on Gap, Inc's website shows which types of stores Gap is closiong. They also run Banana Republic and Old Navy stores. Gap, Inc expects that its net square footage will decrease by 2% for fiscal year 2009. A Reuters article also mentions that the retailer is looking to "downsize its Old Navy stores while consolidating other spinoffs, such as its Gap kids locations, into existing stores." It's not clear if any of these Gap Kids consolidation plans were counted in the 100 store closings figure.
Gap, Inc. said earlier that they have plenty of cash and there biggest problem is foot traffic in the stores. That's a problem a lot of retailers are having in this recession.
Posted on March 6, 2009
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