Gap, Old Navy Opening Flagships in Times Square

Gap Inc. (San Francisco) and Old Navy (San Francisco) have unveiled plans to open new flagship stores in Times Square in New York. The new locations will measure about 31,000 square feet, and will be located in the Bow Tie Building on 44th Street.

Both stores will have separate entrances and plan to open early 2017.

The development comes after news of Gap’s struggling finances and decision to close 175 stores nationwide. No information has been released regarding plans to close or maintain operation of Gap’s nearby store on the corner of Sixth Avenue and 42nd Street.

Women’s Wear Daily reports that the new locations are part of a move to improve Gap’s profits and to capitalize on Old Navy’s strong sales.