Gap Inc. announces store closures, off-mall strategy

Gap Inc. is moving away from the mall.

The struggling apparel giant revealed its new "Power Plan 2023" strategy to return the company to profitable growth at its virtual investor meeting on Thursday. The strategy emphasizes expanding its higher-profit Old Navy and Athleta brands, tweaking and reducing product assortments and reducing and rethinking its store footprint in a move away from traditional shopping malls.

“We’re the biggest retailer in North America,” Sonia Syngal, Gap Inc. CEO, told investors. “We’re closely watching the economy, the retail landscape and the competitive environment to evaluate how we can strategically play to win; how we can do things that only we have the authority to do.
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RSK: I am betting you will see more of these Mall Stores go to strip malls and life style centers like TJ Maxx and Five Below have done.

Ken Notes: Long before the pandemic Kohls determined it was better to be a destination rather than a also here player...