Gap Inc. is working to leverage its long-standing if faltering namesake while also taking steps to right-size its operations. Scaling back abroad is “low-hanging-fruit,” MKM Partners Managing Director Roxanne Meyer said when executives in October said they were looking to shutter or franchise their operations in Europe.
The review undertaken in the last several months revealed that different geographies would benefit from different solutions, the company said in its release. For the U.K. and Ireland, that means abandoning stores.
“In the United Kingdom and Europe, we are going to maintain our Gap online business,” the company said. “The e-commerce business continues to grow and we want to meet our customers where they are shopping. We’re becoming a digital first business and we’re looking for a partner to help drive our online business. However, due to market dynamics,” all company stores will close.Retail Dive