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Yesterday, we reported via an article from the Observer that a quarter of all NYC Gap stores were on their way out. The Gap "did not respond to requests for comment" from the Observer at the time, but a "real estate executive with knowledge of the plans" sure did.
Today, the company says that the information regarding the potential 1-in-4 Gap shutterings is "extremely exaggerated." And then they issued a pretty vague statement on what actually is happening.
We've talked openly about our Gap Inc. real estate consolidation strategy as we focus on a natural pruning of the portfolio which involves closing some stores, adding some stores to maximize brand health. We’re not in the practice of sharing any specific market by market plans, but we’re committed to Manhattan as an incredibly important market to us, and we have no intention of significantly reducing our presence there. Some of our highest volume, most successful stores globally are in Manhattan.
So, maybe no one was in the office or something yesterday?
· The Gap: Store Closure Claims 'Extremely Exaggerated' [NYO]
· A Quarter of the Gap's NYC Stores Will Soon Cease to Exist [Racked NY]
· Closing the Gap: Retailer Will Shutter 1-in-4 Stores in New York City [NYO]