Struggling fashion retailer Gap is set to cut the number of its UK stores it as part of a review of its property portfolio. Sunday Telegraph
Gap has appointed Churston Heard to examine its 171-strong UK chain and it is understood that the retailer has already held discussions with several landlords about store closures.
A source said: 'They are looking to get rid of underperforming units and shift away from secondary retail sites.
'Since 2002 rents have gone up from £20/sq ft to around £40/sq ft. Gap is saying it cannot make it pay at that level.'
Gap is due to open the first Banana Republic outlet on London's Regent Street later this year. If successful it may then look at converting suitable Gap outlets to the new format.
There are more than 500 Banana Republic shops in North America and 13 in Japan, but none in Europe.