Gap closing former flagship store at 680 Fifth Avenue in New York
According to real-estate services firm Cushman & Wakefield, the stretch of Fifth Avenue between 49th St. and 60th St.—Gap is on the corner of 54th St.—ranks as the second-most expensive retail street in the world.
Until last year it was number one, but it was edged out in 2018 by Causeway Bay in Hong Kong.
On a Nov. 20 call with analysts, Art Peck, the CEO of Gap Inc., said the “bottom half” of its global fleet of 775 Gap stores was acting as a drag on the brand. He said there were hundreds of Gap stores that didn’t fit the company’s vision for the future of the brand, and added, “I plan to exit those that do not fit the future vision quickly.”
The cost of rent on New York’s Fifth Avenue store isn’t helping.
Quartz
https://qz.com/1509371/gap-closing-former-flagship-store-at-680-fifth-avenue-in-new-york/amp/