Large clothing channels, including Gap, closure of a total of more than 150 stores
Companies seek to reduce their retail fleet in the context of undergoing transformations.
Do you plan to clean your closet this spring? You may want to make sure your choice of clothing store will always be there before trying to refresh your wardrobe. Retailers at all levels have reduced the workforce with closures across the United States, including well-known names like Walmart ,, Best purchase , And CVS . Now, some large clothing channels are also looking to also reduce things. Read more to find out which companies, including GAP, close a total of more than 150 locations this year.
Read this then: Bath & Body Works closes around 50 stores this year .
GAP plans to close around 50 locations this year.
Gap Inc., is preparing to reduce his physical wallet in 2023 in two of his big brands. During a March 9 profit call , Financial director Katrina O'Connell confirmed that the company planned to "close 50 to 55 Gap and Banana Republic stores" in 2023.
O'Connell has not shared any additional information on exactly which locations will be closed or when the closures would take place. Better life Contacted Gap Inc. to find out more about the 2023 closures, and we will update this story with their answer.
The company has expressed things since 2020.
This news is not necessarily surprising. Gap Inc., announced for the first time in October 2020 that planned to close A total of around 350 store stores and banana across North America over the next three years. During the recent call of results, O'Connell noted that the 50 to 55 closures of this year are a continuous part of this plan. AE0FCC31AE342FD3A1346EBB1F342FCB
"We stay on the right track to reach our goal of closing 350 Banana Republic stores and banana in North America by the end of 2023," she said, adding that the company has ended the 'Exercise 2022 "After reaching almost 90% of 90% of 90% of 90% this goal."
On his website, Gap says that this undergoing transformation is supposed to leave the business with a "smaller and healthier fleet of stores" by the end of this year. "While we adapt to current market conditions and respond to the increase in online demand, we are carefully examining our real estate to support the best way to follow," explains the company.
The site also includes a complete list of all the Gap and Banana Republic locations which have already closed since the start of the transformation at the beginning of 2020.
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The Children's Place is looking to close nearly 100 stores in 2023.
Gap is not the only clothing company closing a large number of locations this year. Children's place recently revealed its store closings plan in 2023 during March 16 profit call . President and CEO Jane Elfe said the company said during the appeal, the company provides for the closure of approximately 100 locations. The "major part of these store closures" will take place in 2023, she added.
Elf did not share any additional information on the locations would close or when the closures would take place. Better life Contacted the place of children to find out more about these planned closures, and we will update this story with their response.
The retailer also works on a continuous transformation.
The place of children has also expressed things for a few years. According to Elfers, the company has worked on an "fleet optimization initiative" in order to modify its global approach to a digital commercial model.
The Place des enfants has already permanently closed 315 of its stores since 2019, representing 34% of its entire fleet. With the 100 additional closings to come, the company plans to enter 2024 with an "optimized fleet" of around 500 stores.
"At the end of 2023, our strategy for optimizing the fleet will be considerably over," said Elfers during the call. “Our fleet optimization strategy was an essential element in the structural reset of our company and aligns the digital and future customer purchase preferences. The data is clear. Increase with parents of generation Z. "