// Gap is closing one of its Oxford Street stores
// Move comes as fashion retailer was reportedly considering closing all European stores
US fashion giant Gap will close one of its two stores on Oxford Street in central London.
Signs in the window of the store at 223-235 Oxford Street state that items are for sale with a 30 or 60 per cent discount, noting that the store will soon close.
While Gap still operates a large flagship further down the famous shopping street opposite Bond Street underground station, the closure reflects the difficulties many apparel retailers face as 2020 draws to a close.
Figures from The Office for National Statistics today revealed clothing sales had reported the sharpest decline of all the retail industry’s sectors, dropping 19 per cent in November compared to the previous month.
Back in October Gap was said to be considering the closure of its entire European store estate in 2021.
The company, which has more than 70 stores in the UK and four in Ireland, said it wanted to operate in Europe through “partnerships”, both online and in stores.
Gap has 158 franchise stores in Europe, on top of the company-owned outlets. It is also seeking to close a distribution centre in Rugby next year.
“As we conduct the review, we will look at transferring elements of the business to interested third parties as part of a proposed partnership model expansion,” Gap head of global operations Mark Breitbard said at the time.
Gap did not respond to Retail Gazette for a comment on its Oxford Street store closure at time of publication.