Gap Inc. is in talks with its store landlords and is paying “what we consider fair rent” as the apparel retailer opens back up amid easing Covid-19 restrictions, Chief Executive Officer Sonia Syngal said in an interview.
The company, which reported a deep salesdecline for the quarter ended May 2, has opened more than 1,500 stores of its 2,600 stores in North America, saying its reboot after months of restrictions on nonessential business is “ahead of plan.”
“What we’re looking to do primarily is create a fair and win-win relationship with our landlords,” Syngal said. “We want to win together but we know there’s a lot of uncertainty. So what we want is the right structure to have a shared accountability and a shared opportunity as we move forward.”
She added that Gap has reached agreements with hundreds of landlords who “are recognizing that the world has changed.” The rest are ongoing negotiations.
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