Does Gap Have An Identity Problem? Why The Retailer’s Sales Keep Dropping

At the height of Gap’s popularity, the brand’s catchy commercials implored shoppers to “fall into the gap.” Now the clothing company can’t seem to pull itself out. Gap Inc., the San Francisco retailer that defined 1990s buttoned-down khaki culture, has suffered five straight quarters of falling sales at stores open at least a year. The Gap flagship brand has been battered even longer, its comparable sales dropping for the past nine quarters. Closing 175 of its namesake stores last year did not help its bottom line: Its fiscal 2015 profit was $920 million, a 27% decline from the previous year. The long-suffering company, which also owns Banana Republic, Old Navy and Athleta, has been slow to identify and roll out new trends. It has lost sales to fast-fashion chains such as H&M and Zara. And it has struggled to retain its designers and executives. Read more at Los Angeles Times.