5 things to know about Gap, Banana Republic closures

Gap will close 200 stores but open 270 stores under the Old Navy and Athleta brands. (Dreamstime)
Gap will close 200 stores but open 270 stores under the Old Navy and Athleta brands. (Dreamstime)

Gap Inc. will close approximately 200 “underperforming” Gap and Banana Republic stores within the next three years, the company announced today.

The clothing company, which owns stores like Old Navy, Gap, Banana Republic and Athleta, outlined its long-term strategy for the next three years. Here’s what you need to know:

1. STORE OPENINGS In addition to 200 stores closures, it will open about 270 Old Navy and Athleta stores across the country.

» RETAIL APOCALYPSE: What’s really going on?

2. EVOLVING BUSINESS PRACTICIES "Over the past two years, we've made significant progress evolving how we operate – starting with getting great product into the hands of our customers, more consistently and faster than ever before," said Art Peck, president and chief executive officer, Gap Inc.

3. LOCAL STORES The company has not specified which stores will close as of now. Gap has locations at The Greene in Beavercreek, in Liberty Twp., Monroe and Columbus. Banana Republic also has locations in Beavercreek, Cincinnati, Monroe and two locations in Columbus.

4. INVESTING IN ATHLETA, OLD NAVY The company expects Old Navy to exceed $10 billion and Athleta to exceed $1 billion in net sales in the next few years, according to a company statement. The company also expects to save about $500 million in expenses over the next three years "by better leveraging its size and scale, cross-brand synergies and streamlining operations and processes," officials said.

» RELATED: 5 new restaurants and retailers coming to The Greene

5. EMPHASIS ONLINE "We will leverage our iconic brands and significant scale to deliver growth by shifting to where our customers are shopping – online, value and active," Peck said.

FIVE FAST READS

Local Habitat for Humanity names new executive director

Store openings and closings: What's going on in local retail?

5 new restaurants and retailers coming to The Greene

At Home expands in Dayton: 5 things to know about the chain's growth

Queso is coming to Chipotle next week: 5 things to know

In Other News