Gap to Close Stores in the U.S., While Expanding in China; Nearly 200 Locations to be Shuttered
Despite the global economic crisis, another indication that retailers are still confident in expanding their China market. American clothing retailer Gap Inc., has announced that it will close a fifth of its American locations by 2013 while opening more stores in China. From NY Daily News:
Gap Inc. plans to close stores in the U.S., while expanding in China.
The struggling retailer, which runs the Gap, Old Navy and Banana Republic chains, detailed plans on Thursday to close 189 locations, or 21 percent of its namesake Gap stores in the U.S., by the end of 2013. At the same time, the largest U.S. clothing chain said it plans to triple the number of Gap stores in China from about 15 by the end of the year to roughly 45 by the end of next year.