Gap is and American fashion retailer, founded in San Francisco in 1969 by Donald and Doris Fisher – the Fisher family remains heavily involved in the company, collectively owning the majority of its stock. Gap also operates brands such as Old Navy and Banana Republic, but only trades in the UK as Gap after all Banana Republic stores closed in 2017. While Gap’s international presence is comparable to H&M and Inditex, the retailer has experienced falling sales in a tough retail market, announcing plans to shut more of its physical stores worldwide. Gap has been criticised for its lack of a specific target market. UK customers have also decried Gap’s pricing, as UK products are sold at double those in the US, or a direct dollar to pound swap. The US retailer is considered ahead of the curve in terms of its digital capabilities, though initiatives have mainly focused on its domestic market.
Ocado chief executive Tim Steiner says the group’s acquisition of two robotics firms could pave the way for the grocery pureplay to move into the general merchandise and fashion sectors in future.
American fashion chain Gap is considering closing all of its European stores and operating in the region purely through partnerships, potentially putting hundreds of jobs at risk.
It’s been three months since the Black Lives Matter (BLM) movement hit the headlines following George Floyd’s death. With the hashtags now fading, Retail Week looks at what retailers are doing to continue the momentum.
Rapper Kanye West has signed a “multi-year partnership” deal to launch Yeezy Gap – a new line of men’s, women’s and children’s clothing that will launch in Gap’s stores and online in 2021.
Clothing retailer Gap has reported losses of nearly $1bn due to store closures in the US and internationally during the coronavirus pandemic.
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