The fashion giant Gap
has announced that it is going to close all 81 of its stores in the UK and
in Ireland. It is planning to conduct its operations online only.
According to the firm, the shops will be closed ‘in a phased
manner’ between the end of August and the end of September. The retailer had
already prepared to shut down 19 of them in July as their leases were expiring.
It is obvious that employees will be affected by these closures but the number
of people impacted has not been disclosed. There will soon be consultation with
staff. Nonetheless, the brand will not be “exiting the UK market” and will keep
having a web-based store when all the
shops have closed. This decision follows a strategic review of its European
business. The retailer is also trying to offload its stores in Italy and France
as well.
When it first opened in the UK in 1987, Gap
was a big hit. It became popular because of its hoodies and sweatshirts.
However, with time, it has struggled to remain relevant and to keep shoppers
coming in. It introduced strategies such as prolific discounting. Nonetheless,
with the pandemic, it was unable to survive.
Gap is closing its physical stores
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