Clothing giant Gap is to close 200 of its 900 stores worldwide by 2013, and has stated that part of its difficulties are due to it not investing enough in attracting ethnic minority customers in the US. Chairman and chief executive Glenn Murphy said Gap’s market share among African-, Asian- and Hispanic-Americans was too low. He also added that he would develop Gap’s product offer, build categories like jewellery and increase trend-led products.
Gap plans to grow through global expansion and ecommerce. The retailer said its international and online operations would account for 30% of total revenues by 2013, from 22% last year.