Fashion
GAP and Banana Republic stores to close as brand focuses on Old Navy
The GAP announced today via a press release that they will be closing stores and realigning their retail strategy. Despite some great ad campaigns (Dani Harrison, RED) GAP has failed to rack up profits in recent years. Like The Limited before them, the GAP and Banana Republic have steadily been losing customers at the local mall. GAP Inc. has said they will close “200 under performing Gap and Banana Republic specialty locations” and build up their Old Navy and Athleta brands adding more of those stores (270 according to the press release.)
If you are a reader of The Recessionista, you know I haven’t covered Old Navy in years. I know they have inexpensive merchandise, but I find the quality so poor that I don’t recommend it. In contrast, while its more expensive, I do like the quality of Banana Republic especially their designer collections like Timo Weiland, Roland Mouret and others. Hopefully, Banana Republic will continue to grow their strong digital presence event as their brick and mortar stores close.
What does this mean for consumers in the meantime? Price reductions at GAP and Banana Republic have begun in earnest. GAP is offering price cuts on Baby Gap and casual wear. Banana Republic is already offering discounts on womenswear up to 40% off of retail prices. The recently launched Piece & Co. X Banana Republic collection has gone on sale for about 30% off the original prices.
Some of our favorites from the Piece & Co. x Banana Republic Summer Collection.
Banana Republic has no plans to shutter at this point and will be doing at Banana Republic Fall 2017 NYFW Presentation at their Flatiron store in New York City on Sept 9 to promote their fall fashions with Olivia Palermo.
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