- Gap is closing its three-level store in Midtown, New York. The location was once its flagship store.
- The store, which is located in one of Manhattan’s prime retail spots on Fifth Avenue, will reportedly close on 20 January.
- Gap Inc CEO Art Peck announced in November that the retailer would close hundreds of its Gap stores, including flagship locations, in the near future.
Gap is closing one of its New York stores.
The New York Post was first to report on Tuesday that Gap would be closing its three-level store in New York’s Midtown area. A spokesperson for Gap confirmed to Business Insider that the store, which is located in one of Manhattan’s prime retail spots on Fifth Avenue, will close on 20 January.
In the company’s most recent earnings call, Gap Inc CEO Art Peck first announced that the retailer would be looking to close hundreds of its stores, including flagship locations, as the brand continues to struggle. Its parent company reported that same-store sales at were down 7% at Gap during the most recent quarter.
“This is the piece of the business that we are firmly committed to addressing with urgency,” Peck said at the time, adding that the company would be closing stores that were unprofitable, had low traffic, or didn’t offer a good customer experience.
He continued: “We have had a lot of stores that are in the bottom half of the fleet that have continued to deteriorate over time. And it is my strong belief that we’ve kicked the can down the road on this and offered a deteriorating customer experience… These stores are a drag on the health and a drag on the performance of the brand.”
Ralph Lauren also closed its flagship polo store, which was across the road on Fifth Avenue, in April last year.
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