Gap, JCPenney and Victoria’s Secret are all shuttering storefronts.
Brick and mortar retail locations continued to take a major nosedive this week as Gap, JCPenney and Victoria’s Secret all announced upcoming store closures, Business Insider reported.
Gap will close 230 stores over the next two years, JCPenney will close 27 stores in 2019 and Victoria’s Secret will close 53 stores in 2019, according to the article.
This sounds rather dire, but it could be good news for franchisees. Finding the right real estate is crucial to a brand’s success. Whether franchisees opt to expand their existing businesses or open multiple units with their brands, these store closures can possibly give them the opportunity to leverage the soon-to-be-available spaces.