Gap has long been among the biggest operators of mall stores in the country. But after the pandemic, it will have a much smaller presence in traditional indoor malls as it closes Gap and Banana Republic locations and bets on the expansion of its Old Navy and Athleta brands. She added that only about 17 percent of the company’s overall sales came from indoor malls in the first quarter. The results were driven by surges at Old Navy and Athleta. Gap also raised its outlook for the year, calling for a sales increase in “the low-to-mid 20 percent range,” from an increase in the “mid-to-high teens.”

Source: New York Times May 27, 2021 20:15 UTC