Gap Inc. plans to shutter one of its major New York stores next month.
The clothing retailer, which said in November that it may close hundreds of underperforming Gap stores, will shutter a three-story location at 680 5th Avenue on Jan. 20, the company confirmed in an email. CEO Art Peck also said last month that the value of some flagship locations is being scrutinized.
Gap, which also operates the Old Navy and Banana Republic chains, has seen sales slide at its namesake brand amid broader struggles for some brick-and-mortar clothing retailers. It’s hoping that shuttering weak stores will boost the bottom line. The 5th Avenue store is just south of Trump Tower in an area with high rents that is frequented by tourists, particularly during the holiday season because of its proximity to Rockefeller Center.
Gap shares, which rose along with most U.S. stocks on Wednesday, have lost about a quarter of their value in 2018. Peers such as American Eagle Outfitters Inc. and Abercrombie & Fitch Co. have posted gains this year.
CNBC earlier reported the store’s closing.
Reporting by Craig Giammona.