Is Banana Republic Going Out Of Business in 2024?

Is Banana Republic going out of business? Banana Republic is not going out of business. However, the company announced closing some of its stores in North America last year.

In 2023, big retailers announced closing 803 stores in the U.S. It’s not the retail apocalypse we’ve seen before, but it’s still a significant shakeup.

Bed Bath & Beyond, a vast housewares store, topped the list. They used to own over 1,500 stores across three brands. Now, they’ve only 480 locations across two brands.

Last year, four Banana Republic stores shut down. Two years ago, Gap, the parent company, announced that it would be closing around 350 Gap and Banana Republic stores in 2023. From 2020 until now, 276 stores have closed, possibly leaving 74 more to meet their goal.

Gap’s new CEO, Richard Dickson, aims to make Banana Republic the go-to for quiet Luxury, but it will take work.

Previously at Mattel, he successfully revived Barbie. In August, he became Gap Inc.’s CEO, hoping to do the same for its struggling brands.

In an earnings call, Dickson outlined plans to reinvigorate Gap. Not only Gap but also Old Navy, Banana Republic, and Athleta.

Despite recent disruptions, Dickson sees strengths in the company’s brand history and loyal following.

He stated, “The opportunity is clear. I am convinced we can reinvigorate our brands while fostering a creative culture. It may attract and develop top talent in the industry.”

In the third quarter, Gap Inc. reported net sales of $3.8 billion, a 7% drop from last year. Store sales were down 6% year-over-year. Banana Republic’s sales for the same period were $460 million, down 11%, with comparable sales down 8%.

To reverse this decline, CEO Dickson aims to transform Banana Republic into a quiet luxury brand. It enhanced its look and products. Since Gap’s 1983 acquisition, Banana Republic has struggled with weak assortments and heavy discounts.

Dickson believes Banana Republic can thrive in the quiet luxury space. It is a style characterized by simple, expensive clothes without logos, often in neutral colors. This shift from a highly promotional experience will take time, but Dickson sees potential.

Quiet Luxury gained popularity through characters on HBO’s “Succession” and TikTok. Now, it has over 360 million videos with #quietluxury, explaining how to achieve the look on a budget.

Banana Republic’s Shut Down Stores: A Comprehensive List

Here is a list of Banana Republic stores that have closed since the beginning of 2020:

• Banana Republic Factory Store at Ave @ Peachtree City in Peachtree City, GA.
• Banana Republic Factory Store at Bayshore in Glendale, WI.
• Banana Republic Factory Store at Albertville Premium in Albertville, MN.
• Banana Republic Factory Store at Birch Run Premium Outlets in Birch Run, MI.
• Banana Republic Factory Store at Chesterfield Outlets in Chesterfield, MO.
• Banana Republic Factory Store at Carolina Premium Outlets in Smithfield, NC.
• Banana Republic Factory Store at Commons at Northpark in Midland, TX.
• The Banana Republic Factory Store is at Gaffney Premium in Gaffney, SC.
• Banana Republic Factory Store at Franklin Mills in Philadelphia, PA.
• Banana Republic Factory Store at Governor’s Square in Tallahassee, FL.
• Banana Republic Factory Store at Gurnee Mills in Gurnee, IL.
• Banana Republic Factory Store at Gran Plaza in Calexico, CA.
• Banana Republic Factory Store at Jeffersonville Tanger in Jeffersonville, OH.
• Banana Republic Factory Store at N Avenue Collection in Chicago, IL.
• Banana Republic Factory Store at Louisiana Boardwalk in Bossier City, LA.
• Banana Republic Factory Store at Nags Head in Nags Head, NC.
• Banana Republic Factory Store at Promenade at West End in Lubbock, TX.
• Banana Republic Factory Store at Osage Beach Premium in Osage Beach, MO.
• Banana Republic Factory Store at Waikele Premium in Waipahu, HI.
• Banana Republic at Northbrook Court in Northbrook, IL.
• Banana Republic Factory Store at Williamsburg Tanger in Williamsburg, VA.
• Banana Republic Men at Bay Street in Emeryville, CA.
• Banana Republic Women at Bay Street in Emeryville, CA.
• Banana Republic Men’s at Coliseum Theater in Seattle, WA.
• Banana Republic Women’s at Coliseum Theater in Seattle, WA.
• Banana Republic at 13th & F in Washington, D.C.
• Banana Republic at 67th & Broadway in New York, NY.

• Banana Republic, Altamonte – Altamonte Springs, FL
• Banana Republic, Ala Moana – Oahu, Hawaii
• Banana Republic, Anchorage 5th Ave. – Anchorage, AK
• Banana Republic at Battlefield Mall in Springfield, MO.
• Banana Republic at American Dream in East Rutherford, NJ.
• Banana Republic at Beachwood in Beachwood, OH.
• Banana Republic at Bloor Street in Toronto, ON.
• Banana Republic at Belmont Shore in Long Beach, CA.
• Banana Republic at Boca Raton Town Center in Boca Raton, FL.
• Banana Republic at Briarwood in Ann Arbor, MI.
• Banana Republic at Boulevard in N.Y.
• Banana Republic at Cape Cod in Hyannis, MA.
• Banana Republic at Cielo Vista in El Paso, TX.
• Banana Republic at Chestnut Hill in Chestnut Hill, MA.
• Banana Republic at Circle Centre in Indianapolis, IN.
• Banana Republic at Congress Park in Saratoga Springs, NY.
• Banana Republic at Coconut Point in Estero, FL.
• Banana Republic at Del Mar Plaza in Del Mar, CA.
• Banana Republic at Dulles Town Center in Dulles, VA.
• Banana Republic at Don Mills in Toronto, ON.
• Banana Republic at Fair Oaks in Fairfax, VA.
• Banana Republic at Fox Tower in Portland, OR.
• Banana Republic at Fayette in Lexington, KY.
• Banana Republic is at Franklin Park in Toledo, Ohio.
• Banana Republic at Gate at Manhasset in Manhasset, NY.
• Banana Republic at Friendly Center in Greensboro, NC.
• Banana Republic at Glen Eagle Square in Glen Mills, PA.
• Banana Republic at Kahala in Honolulu, HI.
• Banana Republic at Ids Center-Crystal Court in Minneapolis, MN.
• Banana Republic is at Kenwood T/C in Cincinnati, Ohio.
• Banana Republic at Holyoke Mall in Holyoke, MA.
• Banana Republic at Hanes in Winston-Salem, NC.
• Banana Republic at Hudson Yards in New York, NY.
• Banana Republic at Lexington Ave. in New York, NY.
• Banana Republic at Lenox Square in Atlanta, GA.
• Banana Republic at Lincoln Rd in Miami, FL.
• Banana Republic at Mission Viejo Mall in San Diego, CA.
• Banana Republic at Market Mall in Calgary, Alberta.
• Banana Republic at Michigan Ave Chicago in Chicago, IL.
• Banana Republic at Northshore in Peabody, MA.
• Banana Republic at Northeast in Hurst, TX.
• Banana Republic at Oakridge Centre in Vancouver, Canada.
• Banana Republic at Orland Square in Orland Park, IL.
• Banana Republic at Old Town Center in Los Gatos, CA.
• Banana Republic at Park Meadows Town Square in Denver, CO.
• Banana Republic at Penn Square in Oklahoma City, OK.
• Banana Republic at Pheasant Lane in Nashua, NH.
• Banana Republic at Polo Park in Winnipeg, Manitoba.
• Banana Republic is at Polaris T/C in Columbus, Ohio.
• Banana Republic at Promenade in Santa Monica, CA.
• Banana Republic at Poughkeepsie Gall in Poughkeepsie, NY.
• Banana Republic at Reston Town Center in Reston, VA.
• Banana Republic at Rivertown Crossings in Grandville, MI.
• Banana Republic at Ridgedale in Minnetonka, MN.
• Banana Republic at Robinson Town Center in Pittsburgh, PA.
• Banana Republic at S Moger Ave. in Mt. Kisco, NY.
• Banana Republic at Rockingham Park in Salem, NH.
• Banana Republic at Shops at Willow Bend in Plano, TX.
• Banana Republic at Smith Haven in Lake Grove, NY.
• Banana Republic at Shoppes at Susquehanna in Harrisburg, PA.
• Banana Republic at South Coast Plaza in Costa Mesa, CA.
• Banana Republic at South Park Mall in Charlotte, NC.
• Banana Republic at South Hill Village in Pittsburgh, PA.
• Banana Republic at South Shore Plaza in Braintree, MA.
• Banana Republic at Stamford Town Center in Stamford, CT.
• Banana Republic at St. Catherine Street in Montreal, Quebec.
• Banana Republic at Stoneridge in Pleasanton, CA.
• Banana Republic at The Empire in Sioux Falls, SD.
• Banana Republic at Stony Point Fashion Park in Richmond, VA.
• Banana Republic at The Oaks in Gainesville, FL.
• Banana Republic at The Shops At Nanuet in Nanuet, NY.
• Banana Republic at The Summit in Fairlawn, OH.
• Banana Republic at The Westchester in White Plains, NY.
• Banana Republic at Tuttle Crossing in Dublin, CA.
• Banana Republic at Town & Country Village in Houston, TX.
• Banana Republic at University Park in Mishawaka, IN.
• Banana Republic at University Town Center in San Diego, CA.
• Banana Republic at University Park Village in Fort Worth, TX.
• Banana Republic at Ventura Blvd in Studio City, CA.
• Banana Republic at Village at Bridgewater in Bridgewater, NJ.
• Banana Republic at Victoria Gardens in Rancho Cucamonga, CA.
• Banana Republic at Walnut Street in Philadelphia, PA.
• Banana Republic at Washington, King-Alex in Alexandria, VA.
• Banana Republic at Walt Whitman Plaza in Huntington Station, NY.
• Banana Republic at Washington Place in Naperville, IL.
• Banana Republic at West Town in Knoxville, TN.
• Banana Republic at Waterside Shops at Pelican Bay in Naples, FL.
• Banana Republic at West Village in Dallas, TX.
• Banana Republic at Willow Grove Park in Willow Grove, PA.
• Banana Republic at Westfield Valencia Town Center in Valencia, CA.
• Banana Republic at Wisconsin/Georgetown in Washington, D.C.
• Banana Republic at Woodland Hills in Tulsa, OK.
• Banana Republic at Woodland Mall in Grand Rapids, MI.
• Banana Republic at Woodfield in Schaumburg, IL.
• Banana Republic at Yorkville on 86th & 3rd Ave. in New York, NY.

List continues…

Why Has Banana Republic Closed Its Stores?

As consumers increasingly favor online shopping, Gap and Banana Republic stores and other retail giants like Bed Bath & Beyond and Tuesday Morning have closed their brick-and-mortar locations. The Covid-19 pandemic dealt a significant blow. This led to temporary closures of many Gap and Banana Republic stores.

The situation has not improved, with a 5% decline in in-store sales last year. The substantial net income losses total $273 million across all four clothing brands. In response, the company plans to cut costs by $300 million. This involves the elimination of management positions and a reduction in offline stores, shifting the focus to online sales.

Unfortunately, Gap and Banana Republic are not alone in taking such measures. Various retail giants are also contemplating significant store closures.

What Other Businesses Are Going Out Of Business?

Macy’s is implementing a three-year plan to shut 125 locations, including mall stores in California. While a rescue deal may happen this year, store closures are not guaranteed.

Rite Aid, grappling with bankruptcy, is also closing dozens of stores. An October announcement mentioned over 150 closures, including 38 in California.

Here are the addresses for the closed stores:

• 4044 Eagle Rock Blvd., Los Angeles
• 4046 S Centinela Ave., Los Angeles
• 7859 Firestone Blvd., Downey
• 4402 Atlantic Ave., Long Beach
• 935 N Hollywood Way, Burbank
• 139 N Grand Ave., Covina
• 13905 Amar Road, La Puente
• 920 E Valley Blvd., Alhambra
• 3813 Plaza Drive, Oceanside
• 1670 Main St., Ramona
• 6505 Mission Gorge Road, San Diego
• 8985 Mira Mesa Blvd., San Diego
• 25906 Newport Road, Menifee
• 24829 Del Prado Ave., Dana Point
• 30222 Crown Valley Pkwy., Laguna Niguel
• 19701 Yorba Linda Blvd., Yorba Linda
• 1406 W Edinger Ave., Santa Ana
• 2738 E Thompson Blvd., Ventura
• 720 N Ventura Road, Oxnard
• 20572 Homestead Road, Cupertino
• 2620 El Camino Real, Santa Clara
• 901 Soquel Ave., Santa Cruz
• 571 Bellevue Road, Atwater
• 5409 Sunrise Blvd., Citrus Heights
• 1309 Fulton Ave., Sacramento
• 3029 Harbor Blvd., Costa Mesa
• 959 Crenshaw Blvd., Los Angeles
• 3000 S Archibald Ave., Ontario
• 15800 Imperial Hwy, La Mirada
• 8509 Irvine Center Drive, Irvine
• 499 Alvarado St., Monterey
• 4004 Foothills Blvd., Roseville
• 10570 Twin Cities Rd., Galt
• 1020 Al Tahoe Boulevard, South Lake Tahoe
• 11230 Donner Pass Road, Truckee
• 4980 Freeport Boulevard, Sacramento
• 49060 Road 426, Oakhurst
• 5560 E Santa Ana Canyon Rd, Anaheim

Topping the list is Bed Bath & Beyond, a giant in housewares. Bed Bath & Beyond faces financial turmoil, planning to close 416 stores in the U.S. and all 65 stores in Canada. Aiming for a final count of 360 flagship stores and 120 Buybuy Baby locations. The company had 953 North American stores just over a year ago.

Tuesday Morning:

It is a Dallas-based home goods company. It has also closed over half of its stores as part of a reorganization during bankruptcy proceedings.

Party City: 22 stores 

Currently, 12 Party City locations are up for auction. Besides, another ten are set to close in February as the company navigates bankruptcy.

Walmart: 7 stores 

Due to poor performance, the big-box retailer is closing five stores and its two remaining pickup-only concepts. 

Big Lots: 7 stores 

The discount chain is closing three stores in California and four in Colorado as it shifts its focus to small towns away from urban areas.

Macy’s: 4 stores 

Macy’s plans to close four stores in shopping malls in California, Colorado, Hawaii, and Maryland during the first quarter. This is part of its three-year plan to close 125 locations.

The RealReal: 6 stores 

The luxury consignment marketplace, The RealReal, is closing four stores. The two consignment offices across the U.S. reduce costs by approximately $2 million.

JCPenney: 2 stores 

JCPenney is closing locations in Oswego, New York, and Elkhart, Indiana, this year as part of the wind-down of over 150 stores since 2020.

Amazon: Unspecified number of stores 

Amazon recently announced the closure of several Fresh grocery and Go convenience stores. The company will pause its planned expansion while reevaluating its physical store strategy.

About Banana Republic

Banana Republic is a U.S. clothing and accessories retailer owned by The Gap. It began 1978 as “Banana Republic Travel & Safari Clothing Company”. In 1983, Gap acquired the company and changed its name to “Banana Republic.” Later, it rebranded the stores for a more upscale image. 

In the 2020s, V.P. of Design Nicole Wiesmann has transformed the brand with editorial campaigns reflecting luxury brands like Loro Piana. The higher-end garments have earned favorable comparisons to Ralph Lauren, The Row, and Burberry.

What Is The History Of Banana Republic?

Banana Republic was founded by Mel and Patricia Ziegler in 1978. The couple formerly worked for the San Francisco Chronicle. Then, they left their jobs and started the business in Tamalpais Valley. Their unique items acquired during travel led to a store opening in Mill Valley, Northern California. Known for its hand-drawn catalog and safari-themed locations, they shared their adventures in the memoir “Wild Company.”

Gap Inc. acquired Banana Republic in 1983, leading to a shift in creative control and a rebranding as a mass luxury clothing retailer. The original travel-inspired elements were replaced with more conventional items. Over the years, Banana Republic expanded globally, opening stores in various countries.

In 2020, due to the financial impact of the COVID-19 pandemic, Banana Republic and Gap announced the closure of over 225 store locations. The company later collaborated with fashion designer Peter Do for a fall/winter capsule collection in 2023.

Who Are The Competitors Of Banana Republic?

If you love Banana Republic, you might also enjoy exploring similar stores with a classic-meets-modern style. Here are some of its competitors:

J.Crew

J.Crew is a close alternative with a selection ranging from casual to formal wear, offering modern-classic styles.

Everlane

Everlane not only provides modern staple pieces but also focuses on ethical practices. It ensures high-quality materials from ethical factories.

Fisher + Baker

Like Banana Republic, Fisher + Baker specializes in modern-meets-classic staples, perfect for building a versatile wardrobe.

Bonobos

Bonobos shares the classic-meets-modern aesthetic, specializing in sharp versions of core wardrobe pieces.

Frank And Oak

Frank And Oak, a Canadian brand, offers a modern design aesthetic on casual pieces, including denim, shirts, and sweaters.

Nordstrom

As a department store, Nordstrom provides a wide range of options with a similar aesthetic to Banana Republic, including in-house fashion brands.

1. Porter

If you’re looking for designer menswear, Mr. Porter carries top-notch brands, although it comes with higher price tags.

Madewell

A part of the J.Crew family, Madewell focuses on denim and staple pieces, offering a slightly more casual style.

Urban Outfitters

While Urban Outfitters caters to a younger audience with a more casual and hip vibe, it provides a variety of simple staple pieces from reputable brands.

Explore these stores to find styles that match your preferences and expand your fashion options.

Final Thoughts

The Banana Republic faces challenges amid changing consumer trends and economic downturns, with store closures and financial losses signaling potential difficulties. The COVID-19 pandemic exacerbates the shift towards online shopping. This has hit brick-and-mortar locations hard. The company’s decision to cut costs reflects a strategic response to these challenges. However, whether these measures will secure Banana Republic’s future remains uncertain. 

The retail landscape is rugged, with other significant brands also closing stores. The brand’s trajectory prompts questions about its viability, raising concerns about whether Banana Republic is on the brink of going out of business.

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