Gap considers closures in online move
By Rob Freeman | 24th February 2021
The future of one of the largest stores at Gloucester Quays is in doubt amid speculation Gap is considering closing all of its 95 branches in the UK.
The US fashion retailer announced in October it was looking at shifting to a franchise-only operation in Europe, rather than running its own stores.
But reports suggest the company is looking at operating solely online, which would mean the closure of its 95 UK shops.
According to The Times, Gap is applying pressure on landlords as it seeks to break lease contracts early with July as a proposed end date.
The company is also believed to be offering reduced rent payments until July.
Under the Government's proposed road map to reopening after lockdown, all non-essential retail outlets will remain closed until at least April 12.
Gap reported a 9.5 per cent drop in UK sales to £195.1million in the year to February 1, 2020 - before the onset of the pandemic.
Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.