Future For Gap, Banana Republic Stores Now Unclear

We recently reported that the UWS Gap and Banana Republic stores were expected to close. We had initially received this info from a reader (our anonymous tipster, ‘Upper West Sider’), while also seeing that both spaces had been listed on the market. Gap INC is the owner of both retail chains.

It is now unclear whether they will actually close. And if they do close, it’s not completely clear when that would happen.

The Gap, at 1988 Broadway (between 67th and 68th Streets), is currently open daily from 11am to 7pm. The space is also on the market, but the availability date is not listed. View the listing here. For updates on the schedule, view the store website here.

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Banana Republic, at 1976 Broadway (southeast corner of 67th), is currently closed to in-store shopping, but is available for contactless curbside pickup between 10am and 4pm. The current listing for the Banana Republic space indicates it will be available in August 2021. View the listing here. For updates on the schedule, view the store website here.

The listing brokers, from RIPCO Real Estate, told us that while both stores have time remaining on their leases, they have put the spaces on the market in the event neither decides to renew (or if neither is able to renew), as finding retail tenants can take a long time – especially tenants with the ability to rent large spaces in such prime locations.

Gap INC’s press department also sent us the following statement (which doesn’t really clarify anything):

With the tremendous impact COVID-19 has had, we are looking thoughtfully at our real estate to support the best path forward for the company and currently have several store locations under review or in lease negotiations, but do not have any specific details to share about these locations at this time.”

So at this point, we cannot say whether or not the stores will close … and if they do, when that would happen.

In related news, Simon Property Group, the largest mall operator in the country, recently filed a lawsuit against Gap Inc for withholding three months of rent and other charges, amounting to a total of $66 million. However, there is no indication that GAP Inc withheld any rent payment for its UWS stores.

Recent UWS closings

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  1. Avatar Jane June 26, 2020

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