Gap Inc. continues to reduce the square footage of its Gap and Banana Republic specialty stores in North America but sees opportunity to roll out outlets.
“A month ago, we opened a store on Fulton Street in New York. There isn’t a Gap for five miles anywhere near there,” said chairman and chief executive Glenn Murphy. “It’s not a market where Gap specialty, given its value proposition, would be successful. You drop in a Gap, in this case a factory store, and the sales per [square] foot are phenomenal. It’s going to be one of our top stores inside of our outlet business and there are lots of opportunities in inner city markets like Los Angeles, Chicago and New York.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"