The Gap's three-story Magnificent Mile location is set to close early next year, Gap Inc. has confirmed.
The store, located at 555 N. Michigan Ave. will close its doors at the end of January 2021, Gap Inc. spokeswoman Justine Jordan said in an emailed statement, noting the move is part of the company's strategy to adapt to changing customer needs and online business growth.
"We remain committed to making appropriate and timely decisions on stores that don’t fit our vision for the future of Gap Inc," Jordan said. "We are confident these closures will help strengthen the health of our company moving forward."
In October, Gap Inc. announced plans to close 220 Gap stories and 130 Banana Republic stores by the end of 2023, representing approximately 30 percent of its total fleet, in an effort to focus on e-commerce and outlets, the Chicago Tribune reported.