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Retailers in the US downsize, some by big brands

About 4,810 store closures have been announced by US retailers for 2019. Gap is planning to shut 230 of its namesake brand stores over the next two years. This fiscal year, Gap expects to close about 50 company-owned stores, net of any new openings or repositioning.

Victoria’s Secret is planning to shut 53 stores this year, as the lingerie retailer struggles to appeal to women with its outdated bra and underwear merchandise. On an average, the company has been closing roughly 15 stores every year.

Teen apparel retailer Abercrombie plans to close up to 40 stores during fiscal 2019, after closing 29 locations last year. The company has, meanwhile, been working toward reducing the size of its stores and remodeling existing locations. Abercrombie also plans to open additional stores this year, to make up for the closures, after opening 22 stores in 2018.

Tesla will shift its sales online and close most of its stores as a result. A small number of Tesla stores will remain open as galleries, showcases and Tesla information centers, where customers can learn about the company’s products and buy Tesla merchandise. Tesla had been opening up shop in malls across the US to operate more than 100 stores and showrooms.

 
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