Gap’s Clothing Empire Is Clambering To Reclaim Its Relevance

Gap Inc. has a major problem.The trouble isn’t just that customers are buying less—it’s that they’re abandoning the brand altogether. According to a new report from Morgan Stanley, Gap has ceded around half its market share since 2000, losing shoppers to low-price fashion chains like Uniqlo and TJ Maxx. It’s not just Gap’s namesake stores that are struggling. At the company’s Banana Republic chain, executives made a mistake in trying to retool the brand as a forward-thinking fashion shop, rather than sticking to its classic aesthetic, Gap Inc. CEO Arthur Peck admitted in a February call with investors. Read more at Quartz.