Gap Will Close Majority Of Indoor Mall Store Locations By 2024
Our shopping malls might be in serious trouble.
This story starts with Gap Inc. who just made the big announcement that they plan to close 220 of their stores by the end of 2024.
But there is something that all of these closures have in common: they are Gap stores located inside indoor shopping malls.
When all of the closures are said and done, 80% of the remaining Gap stores open for business will be stand-a-lone stores outside of shopping malls.
Now I am sure we all know why Gap Inc. is veering away from the shopping mall atmosphere and that is the COVID-19 Pandemic. Stupid coronavirus....
Now here is why I am worried.
Having a store located inside a mall that usually would be crowded is not a good business move right now.
The number of customers that can shop in your store at one time is severely limited and a lot of people are simply opting to shop online to avoid extra human interaction.
So what if other retailers copy Gap Inc.'s business move and veer away from any indoor mall locations?
The COVID-19 Pandemic could force our shopping malls to cease to exist if things don't get back on track soon.
And if they do....I do get why. Especially if it means that making a shift in business will keep them afloat verses going out of business all together.
But I don't have to be happy about it because either way, if I can't go to the mall to enjoy a Wetzel Pretzel, a Starbucks latte and shop....I am going to be livid.