The Gap May Be The Next Store To Disappear From Canadian Malls
Canadians may be saying goodbye to yet another store in their local shopping centre, as Gap Canada mall locations continue to be scaled back.
Retail Insider reports that the clothing company has already been closing stores across the country as it re-examines its real estate strategy.
It is looking to both boost its online sales to about 50% of its revenue, and also operate 80% of its locations in strip malls and outlet centres, as well as downtown areas by 2023.
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About 500
Stores closed across North America since 2010
Despite these closures, one of the brands under the Gap umbrella is still doing quite well: Old Navy.
The company plans to expand on that particular arm of its business by opening more stores in Canada within the next three years.
Early in 2021, the Gap will be launching a partnership with Kanye West.
A number of other stores in Canada have had to close store locations as retail sales have dropped.
This includes businesses like Le Château, Pier 1, and Mendocino.