Art Peck: 'We're opening Gap stores'
Art Business

Art Peck: ‘We’re opening Gap stores’

LAS VEGAS — Days after stunning the retail world with the news that Gap Inc. would disappear into two indepedent entities — Old Navy and a to-be-named company now designated as "NewCo" — and that 230 Gap stores, mostly in the U.S., would close, CEO Art Peck told a Shoptalk keynote audience Monday that the once quintessential American apparel brand would also open new locations. He didn’t say how many, but he did say they’ll be found in unexpected places. The idea, he said, is that the 230 ill-fated stores, a remarkable number, don’t reflect a failure of brick-and-mortar per se, considering that 80% of apparel sales still take place in stores. Rather, they’re going away because they were "the wrong stores in the wrong locations." Our free newsletter will bring you the latest retail industry news & trends. From e-commerce to brick-and-mortar, we’ll deliver the retail industry intel you need to know. Subscribe to Retail Dive Gap’s fleet is 50 years old, he noted, and its historical model of setting up inside malls — a retail innovation from the late 1950s when America’s newly thriving middle class was moving to the suburbs — no longer works. Traffic to […]

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