Banana Republic, 100 Columbiana Circle: May 2017 4 comments
I did not realize it, but Banana Republic is a sub-brand of The Gap and apparently both are in trouble. Though I have not found any news of a bankruptcy for the firm, they pulled out of the U.K. and have struggled with badly declining sales, leading to a number of store closures:
As consumer shopping habits have moved increasingly online, Banana Republic has struggled to carve out its niche to drive customers through the door. The biggest problem for the brand is its lack of clear, unique identity -- coupled with the rise of fast-fashion competitors like H&M, Zara, and Forever 21, said New York-based retail consultant, Bob Phibbs, CEO of Retail Doctor.
“The reality is no one has figured out who they are,” he said. “Gap is [a] forgettable brand, and that spills over to Banana Republic...they need to cut the number of SKUs, cut the number of employees, and justify why I should pay $90 for a shirt with something compelling and interesting.”
As an added tidbit, while I was googling around for Banana Republic, I came on the news that Gymboree may go Chapter 11 and close 350 stores. Brutal times in retail indeed.
(Hat tip to commenter Em)
4 Responses to 'Banana Republic, 100 Columbiana Circle: May 2017'
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Tom
19 May 17 at 6:19 am
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Banana Republic is nice, but way over priced. I don't know how many other stores they have, but I believe it's Banana Republic, then Gap, and then Old Navy.
Mrbill
19 May 17 at 12:56 pm
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The 1980's called and wanted their store back
Kc
19 May 17 at 2:29 pm
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my father is ganna be so upset when he sees this
20 May 17 at 11:14 am
I was at Richland Mall a few weeks ago and noticed that the Gymboree there had signs in the window offering 40% off. It looked liked a going out of business sale in everything but name.