Some Gap stores are closing while Old Navy is opening more. Gap Incorporated announced today it will close 200 underperforming Gap and Banana Republic locations. At the same time, the company plans to open 270 discount Old Navy brand and Athleta stores
Gap has not had sales growth in 2 years. The company said it would close 175 stores. The year before, Gap closed 100 stores. Showing optimism, the company told its investors today it expects Old Navy to exceed ten-billion dollars and Athleta one-billion dollars in net sales in the next few years. Old Navy hit six-billion in sales in 2016.