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Gap going value
“The economic model of Outlet is the highest return on capital and is where customers gravitate," Gap CEO Glenn Murphy said at an investment conference in New York City, where he revealed the company will close 200 U.S. Gap stores and expand its outlet base.
But don’t expect the stores to be filled with last year’s castoffs.
"I don't want them bringing stripes in the stores if stripes are last year's idea,” Murphy said. -
Fair Warning
Thinking of opening a store on Manhattan’s Fifth Ave? Be prepared to shell out some hefty rent. The average rent for space along Fifth Avenue’s prime stretch from 49th Street up to 59th Street hit $1,900 per square foot in the first quarter, according to the latest CB Richard Ellis (CBRE) Global Retail MarketView. The second-highest U.S. retail market? Los Angeles, with rents of $520 per square foot.
