Will This Store In Marketfair Close Soon?
Another mall retailer is having financial troubles and it could mean that one of their local stores could be closing soon. According to Fortune, Gap could be closing hundreds of mall stores around the country. Will their location inside of Marketfair in Princeton be one of those stores? We won't find out until it's parent company, Gap Inc., provides its investors with the forecast for its next fiscal year.
In addition to Gap, Gap Inc. owns Old Navy, Banana Republic, and Athleta stores. Those brands seem to be performing well, while Gap stores continue to lag behind.
Store closings are nothing new to the chain.
Last year, they closed 200 Gap and Banana Republic locations. There are currently 775 Gap stores worldwide.
While several area malls, like Oxford Valley Mall and Moorestown Mall, have lost many stores over the last couple of years, Marketfair has maintained most of its tenants, with one notable exception. Earlier this year, Brookstone closed its store in the mall.
Marketfair underwent a major renovation in 2013. Between 2012-2015, the mall added several restaurants, including Bobby's Burger Palace, Seasons 52, Bahama Breeze and more, plus, new retailers, including West Elm and South Moon Under.