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Gap to shutter its Fifth Avenue store in a few weeks

Gap’s three-level store in New York’s Midtown will see its last day of operation on January 20, the next year. This location once used to be the flagship store of the famous store chain and is located on Fifth Avenue which is Manhattan area’s one of the primary retain spots. The closing down announcement of this store comes after the CEO of Gap Inc. Art Peck announced this November that in the coming years the retail would close down around hundreds of the Gap stores including those located at the flagship locations.

Reported by New York Post first, the Midtown store was the former flagship store of Gap in New York after the retail giant opened its new flagship store at Times Square. Although any official from Gap has refused to comment on this new development, however various resources have confirmed the same. Later this year, the company had announced that the sales of same stores were reportedly 7% during the recent quarter year. Further, it has been revealed that the company continues to struggle as of now.

While announcing the Midtown Gap store’s closure, Its CEO Peck had stated that the company would close down the stores that have been experiencing losses, low traffic or offered unpleasant customer experiences. Currently, Gap has 775 stores across the globe. Gap spokespersons will comment later about the closing of other stores that experienced losses in the last fiscal year.

Many fashion experts have said that the news about the closure of Gap’s former premium store is not a piece of good news for the iconic brand’s upcoming future goals and off late, Gap has not been able to keep a tab on the needs of its customers. New York City is a place that experiences heavy fashion traffic from buyers across the world. Therefore Gap will have to work hard on the stores located in other areas so it may retain its customer base and value successfully.

 

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