Dive Brief:
- Banana Republic has opened its redesigned flagship store in New York City’s SoHo Cast Iron Historic District, the brand announced Monday.
- The 17,000-square-foot, two-story location offers personalized concierge, tailoring and styling services. The store features womenswear, menswear, vintage Banana Republic products from the ‘80s and ‘90s, and the first BR Home showroom in New York City. The location also offers Banana Republic Bespoke services, a VIP room that can be booked for special events and on-site product embroidery.
- The company tapped architect and interior designer Noa Santos to help redesign the space. The store will also curate a selection of artwork on a seasonal basis in collaboration with creative adviser Jacqueline Schnabel.
Dive Insight:
Banana Republic is refreshing its brick-and-mortar presence alongside investments in its product assortment. Last year, the brand introduced its own home goods line, BR Home, complete with rugs, pillows, bedding and decor, which is now featured in the new flagship.
Banana Republic’s recent store revamp follows its flagship store debut in San Francisco last year. The company opened the 3,500-square-foot, two-floor space after its sister brand, Gap, closed its nearby flagship store three years prior.
The updated SoHo location is designed to be “a premium expression of Banana Republic,” the retailer said.
“It was a special experience to collaborate with Noa Santos, Jacqueline Schnabel and the in-house Banana Republic team to curate an incredible SoHo Flagship experience that celebrates the brand’s heritage with a modern point of view through immersive experiences across fashion, art, global culture and more,” Gap Inc. creative director Zac Posen said in a statement.
The Banana Republic brand has been going through a period of transition. CEO Sandra Stangl exited the company in May. Gap Inc. didn’t comment regarding the reasons for her departure or if the company had found her replacement. The company initially appointed Strangl to serve as president and CEO of Banana Republic in 2020.
Newly-appointed Gap Inc. CEO Richard Dickson in March said the company was “encouraged by the brand aesthetic, but it will take some time to get this right and unlock the potential of this business.” He followed that up in May by saying the company was refocusing Banana Republic as a brand that will “thrive in the premium lifestyle space.”
Banana Republic saw its Q1 net sales rise 2% year over year to $440 million, with comps up 1%. Sister brands Old Navy and Athleta reported net sales bumps of 5% and 2.5%, respectively. Gap’s first-quarter net sales were flat year over year at about $689 million. Overall, Gap Inc. saw its net sales increase 3.4% from the previous year to $3.4 billion.
