Gap Inc. is vacating its store at 1510 Walnut St. in Center City and laying off 32 employees as a result of the closure, according to a Worker Adjustment and Retraining Notification filed with the Pennsylvania Department of Labor and Industry.
Gap has been a Walnut Street mainstay, having been in space on the street for two decades. In that span, Walnut Street became Center City’s most expensive retail corridor. It was also a period in which Gap saw its rise as a trendy, preppy retailer that was catapulted into popularity with catchy commercials such as the “Khaki Swing.”
In August, Gap said it would close more than 225 Gap and Banana Republic stores amid a wave of other retailers indicating they would also shutter hundreds of stores or file bankruptcy.
The vacancy comes as Walnut and Chestnut streets have suffered from a precipitous decline in retail demand that has been compounded by the pandemic and civil unrest at the end of May that led to looting and damage to stores.
Gap (NYSE: GPS) first moved to the location when it consolidated its Gap Kids and Gap located in the 1700 block of Walnut into a single store. Gartner said he is seeing some interest in the space by single and multiple tenants.
*Articles Courtesy of Philadelphia Business Journals
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