Gap, Old Navy to open in Times Square

Gap (NYSE:GPS) will open two flagship stores in Times Square for both its Gap and Old Navy brands. The stores will be near the intersection of Broadway and Seventh Avenue at West 44th Street in the Bow Tie Building, owned by Bow Tie Partners and opened in 1936.

Each brand's store will span 31,000 sq. ft., the Wall Street Journal reported. The location, currently occupied by Toys R Us, will become vacant in 2016. Construction will run until early 2017.

"This signature spot builds on Gap Inc.'s continued commitment to showcase its brands in ideal locations that best serve customers," Sean Piazza, a Gap spokesman told the Wall Street Journal.

The announcement comes on the heels of Gap saying it would close about 175 stores in the next few years to focus on the brand's most successful locations.

However, Gap has not slowed down expansion in Asia. The company recently announced the opening of its first store in India, with plans to open 40 in total, and revealed a partnership with a Beijing-based e-commerce site to sell apparel in China.

Ground floor retail space in Times Square is going for about $2,508 per sq. ft., according to real estate services firm Cushman & Wakefield, and approximately 350,000 people walk through the square daily.

For more:
-See this Wall Street Journal article

Related stories:
Gap to close 175 stores, cut 250 jobs at headquarters
Gap set to open first store in India this month
Gap to shutter Piperlime brand
Gap debuts on China's JD.com
Gap to open 40 stores in India

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