San Francisco — Gap Inc. will close approximately 230 Gap specialty stores within the next 2 years, the San Francisco-based apparel chain announced in its fourth-quarter and 2018 fiscal year reports, released on February 28, 2019. Gap Inc. also revealed plans to spin off Old Navy, a brand it established in 1994, into a separate publicly traded entity, as well as to rebrand itself under a yet-to-be-determined name.
retailers
Irving, Texas — The Michaels Companies, Inc. has appointed seasoned retail executive Mark S. Cosby as interim CEO and board member, effective February 28, 2019. He succeeds Chuck Rubin, who has mutually agreed with the board to transition from CEO but continue as chairman of the board until April 1, 2019. The board has initiated a search to identify a permanent CEO.
Atlanta — RaceTrac, one of America’s leading retail, fuel and convenience store destinations, has launched its new franchise program. RT Franchising, Inc. currently has franchise opportunities in the Central Florida cities of Clermont, Mt. Dora and DeLand. RaceTrac has more than 170 locations in Florida.
Topeka, Kan. — Payless ShoeSource will close all 2,100 of its stores in the United States and Puerto Rico as it moves toward liquidation. According to a statement by the company provided to USA Today, which first reported the news on Feb. 15, Payless expects all stores to remain open through March.
Atlanta — SRS Real Estate Partners has brokered two new leases for Hobby Lobby in empty Toys”R”Us and Babies”R”Us stores in greater Atlanta. The first location, the former Toys”R”Us/Babies”R”Us in the Akers Mill Shopping Center in Atlanta, is 58,907 square feet. The second location is in the North Point Market Center in Alpharetta. This location spans 50,275 square feet.
Manhattan Beach, Calif. — Skechers USA, Inc., a global footwear leader, has tripled its retail store presence in 5 years and has surpassed the 3,000-store mark with the opening of its new superstore in Shenyang, China — now the brand’s largest store at more than 32,000 square feet.
— By Steve Tudhope — AutoZone goes the extra mile to reduce energy usage and drive the future. Memphis, Tennessee-based AutoZone is the leading distributor of automotive replacement parts and accessories with more than 6,200 retail stores in the United States, Puerto Rico and Mexico. In 2003, AutoZone’s corporate leaders challenged its maintenance team to research the drivers of store utility expenses and find ways to reduce energy costs without detracting from the store environment. AutoZone’s primary objectives were to: Improve energy efficiency and reduce energy usage and costs. Develop …