Gap to Close More Than 20 Percent of North American Stores
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Closing time: Gap is shuttering more than 20 percent of its North American stores.
After announcing that it would close 200 stores worldwide by 2013, Gap is looking to scale back even further.
The retailer says it will shutter more than 20 percent of its North American stores by the end of 2013 in a bid to undo years of overexpansion, the New York Post reports.
"We are focusing on a smaller and healthier fleet in North America,” Gap’s chief financial officer, Sabrina Simmons, said at an investor meeting, noting that the remaining 700 stores will be less than a third of the company's presence in 2007.
But while the U.S. will be seeing fewer racks of khakis, China will have three times as many stores by the end of 2012, and the company plans to expand its number of international franchise stores (in locations like Japan) to 400 by 2014.
The news is just the latest big change for the brand, which has dabbled with a since-scrapped retinkered logo and parted ways with designer Patrick Robinson, whose replacement is expected to be named soon.
Meanwhile, Burberry has been ranked as the most digitally competent fashion brand.
