Banana Republic recently closed its Stony Point Fashion Park store. (Jack Jacobs photo)
A clothing chain has buttoned up its Stony Point Fashion Park presence as part of a larger national drawdown of brick-and-mortar stores.
Banana Republic shuttered its store last week in the south Richmond mall, a company spokeswoman confirmed Tuesday.
Gap, the parent company of Banana Republic, announced in October 2020 that it would close 30 percent of its Gap and Banana Republic stores in North America, or about 350 locations, by the end of 2023.
“As we adapt to the current market conditions and meet the surge in online demand, we are looking thoughtfully at our real estate to support the best path forward,” the spokeswoman said in an email.
“We remain committed to making appropriate and timely decisions on stores that don’t fit our vision for the future of Gap Inc. and are confident these closures will strengthen our company moving forward.”
The 687,000-square-foot mall is 67 percent occupied. (BizSense file)
There is now just one Banana Republic store left in the region, situated in Short Pump Town Center, according to the company’s website.
The Stony Point Banana Republic was located in suite 178, across from Vineyard Vines and near Saks Fifth Avenue.
Banana Republic’s departure comes shortly after Stony Point Fashion Park was listed for sale.
The listing showed the mall at 67 percent occupancy. Recent tenant arrivals at Stony Point include cooking school Edible Education and axe range Stumpy’s Hatchet House, while several tenants cleared out during the pandemic, including Panera Bread, Les Crepes and Sur La Table.
Banana Republic recently closed its Stony Point Fashion Park store. (Jack Jacobs photo)
A clothing chain has buttoned up its Stony Point Fashion Park presence as part of a larger national drawdown of brick-and-mortar stores.
Banana Republic shuttered its store last week in the south Richmond mall, a company spokeswoman confirmed Tuesday.
Gap, the parent company of Banana Republic, announced in October 2020 that it would close 30 percent of its Gap and Banana Republic stores in North America, or about 350 locations, by the end of 2023.
“As we adapt to the current market conditions and meet the surge in online demand, we are looking thoughtfully at our real estate to support the best path forward,” the spokeswoman said in an email.
“We remain committed to making appropriate and timely decisions on stores that don’t fit our vision for the future of Gap Inc. and are confident these closures will strengthen our company moving forward.”
The 687,000-square-foot mall is 67 percent occupied. (BizSense file)
There is now just one Banana Republic store left in the region, situated in Short Pump Town Center, according to the company’s website.
The Stony Point Banana Republic was located in suite 178, across from Vineyard Vines and near Saks Fifth Avenue.
Banana Republic’s departure comes shortly after Stony Point Fashion Park was listed for sale.
The listing showed the mall at 67 percent occupancy. Recent tenant arrivals at Stony Point include cooking school Edible Education and axe range Stumpy’s Hatchet House, while several tenants cleared out during the pandemic, including Panera Bread, Les Crepes and Sur La Table.
Sad but not surprising given GAP/BP closed 225 stores in 2020 and 350 this year with plans to close another 200-300 by the end of 2023. The chain, like so many others, is fleeing brick and mortar locations.
GAP has been dying a slow painful death for years-being dragged down by their namesake brand- GAP and Banana Republic. Their salvation is Old Navy and Athleta. GAP and Banana need a radical makeover to survive or otherwise jettisoned.