Just weeks ago, we heard about our favourite store Factorie shutting down this month. Now, apparently, another famous store had shut down. Much to our dismay, in January, Gap announced via Facebook that they were going shut down their stores in Queensbay Mall and Pavilion KL. Oh no!
Source: facebook
According to a fellow facebooker, the American retail had shut down on 4 February 2018 in Queensbay Mall and on 7 February 2018 in Pavillion. No more Gap now!
Soon after, Gap Malaysia revealed that they’re closing down their other branches as well – in Gardens Mall and 1 Utama.
The retail store is currently running clearance sales to clear out all their stock so if you want those last pieces of Gap clothing in Malaysia, you better quickly get it!
Apparently, the brand had actually shut down their other stores overseas for a very long time. CNN reported in September 2017 that Gap Inc., the parent company of both of the retailers, had announced that over 200 Gap and Banana Republic stores will be closing down due to bad sales.
Last year, Gap had experienced a drop by 1% in sales while Banana Republic experienced 5%. That’s a significant drop considering that Gap Inc. is a huge company.
Source: wikemedia commons and retail&restaurant
Why? Well, according to reports, it is because more millennials prefer to shop in affordable stores like H&M and Forever 21, where they can get clothes and still be on par with fashion without creating a hole in their wallet.
On the bright side, Gap Inc. will continue to focus on its other two retailers, Old Navy and Athleta, since these two brands had been doing well in sales.
Yet, another large retailer had closed down. Perhaps, business-wise, it was for the best. Looks like more and more retailers are closing down their stores in Malaysia eh!
Also read: Australian Label Factorie to Shut Down All Outlets in Malaysia by February 2018
