Local stores awaiting word on Gap’s planned closures

It’s not yet known whether Gap’s closures of its namesake and Banana Republic stores over the next three years will affect the Las Vegas Valley.

But Gap expects Las Vegas to house the company’s first Athleta store in Nevada during the fourth quarter.

The company said Wednesday it will close about 200 Gap and Banana Republic stores in the next three years and open about 270 Old Navy and Athleta locations during the same period. Multiple Gap and Banana Republic store managers in the valley said they have not heard of any local stores chosen to close.

Lower-priced Old Navy has been a bright spot for the clothing retailer, posting rising sales even as they fell at the Gap and Banana Republic.

The San Francisco-based company says Old Navy is on track to surpass $10 billion in sales in the next few years. And Athleta, which sells athletic clothing, is expected to exceed $1 billion in sales. The company expects to reap about $500 million in savings over the next three years by better taking advantage of its scale.

The Las Vegas Athleta store, which will sell athletic wear for women, is part of about 270 new Athleta and Old Navy stores Gap announced Wednesday.

According to the company’s website, Gap has six namesake stores in the valley, seven Old Navy stores and seven Banana Republic stores.

A construction permit issued earlier this year names Athleta as the new tenant in 1053 S. Rampart Blvd., near the intersection with Charleston Boulevard. Gap bought Athleta for $150 million in 2008.

Shares of the Gap gained $1.79, or 7.45 percent, to close at $25.82 in regular trade on Wednesday. They drifted down as much as 1.24 percent in afterhours trade.

The Associated Press contributed to this report. Contact Wade

Tyler Millward at wmillward@ reviewjournal.com or 702-383-4602. Follow @wademillward on Twitter.