Banana Republic withdraws from Stony Point Fashion Park
A clothing chain has beefed up its presence at Stony Point Fashion Park as part of a larger nationwide pullout of physical stores.
Banana Republic closed its store last week in the South Richmond Mall, a company spokesperson confirmed on Tuesday.
Gap, the parent company of Banana Republic, announced in October 2020 that it would close 30% of its Gap and Banana Republic stores in North America, or approximately 350 locations, by the end of 2023.
“As we adapt to current market conditions and respond to increased online demand, we are carefully reviewing our properties to support the best way forward,” the spokesperson said in an email.
“We remain committed to making appropriate and timely decisions on stores that do not align with our vision for the future of Gap Inc. and we are confident that these closures will strengthen our business going forward. “
There is only one Banana Republic store left in the area, located in downtown Short Pump, according to the company’s website.
The Stony Point Banana Republic was located in Suite 178, across from Vineyard Vines and near Saks Fifth Avenue.
Banana Republic’s departure comes shortly after Stony Point Fashion Park went on sale.
The list showed the mall at 67% occupancy. Recent tenant arrivals at Stony Point include the Edible Education Cooking School and the Stumpy’s Hatchet House line of axes, while several tenants have left the house during the pandemic, including Panera Bread, Les Crepes and Sur La Table.