Dive Brief:
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Gap Inc. will bring Gap and Old Navy stores to Times Square, according to reporting by CNBC.
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The company is taking over the lease from Toys 'R' Us, which is leaving its flagship New York Location.
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The apparel retailer is now designing the space, some 31,000 square feet for each brand, and will be ready to move in some time in 2017.
Dive Insight:
This is a high-profile move, especially for the Gap brand which has otherwise been closing stores and laying off employees. Times Square gets a lot of tourist traffic, and the space in the Bow Tie building in mid-town is a premium, attention-getting spot. By the time the store opens, Gap is likely to have in place a new aesthetic, having just recently boosted its design and merchandising teams in a turnaround effort.