American fashion giant Gap is to close one of its two stores at London's iconic Oxford Street, announcing the news via closing down sale signs in the store's window.
Located next to the exit for the Oxford Street London Underground station, the store is considered prime real estate. Discounts available in the store include 30% off everything, and up to 60% off some items original price.
The news comes as more high street shops risk going out of business as the Coronavirus pandemic continues to hurt retailers with restrictions, social distancing and behavioural changes directly impacting footfall.
In October, Gap announced it was considering the closure of all of its company operated stores in Europe along with its UK distribution centre in Rugby.
Gap has 70 company operated stores in the UK (it has already been reducing its footprint in the UK via store closures). It also has 158 franchised stores across Europe.
Should the proposal go ahead the company operated stores would be closed by the end of the second quarter of 2021, along with the e-commerce fulfilment centre in Rugby.
“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.” Mark Breitbard, Gap Head of Global Operations, said.
"Franchise partnerships are a strong and cost-effective way to amplify the brand. Through franchise, Gap brand reaches customers in 35 countries with more than 400 stores and 14 e-commerce sites," Breitbard added.
The official closure date has yet to be confirmed.
TheIndustry.fashion has reached out to Gap for comment.