Bloomberg Businessweek ICYMI: Inside Gap’s Last-Ditch, Tariff-Addled Turnaround Push
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Jun 25, 2025 Amanda Mull, Senior Reporter for Bloomberg Businessweek, shares insights on the struggles and revival efforts of Gap, once a retail giant. She discusses how CEO Richard Dickson’s turnaround plans faced unexpected challenges from tariffs. The conversation dives into Gap's evolution, the impact of fast fashion, and leadership changes that influenced the brand's relevance. Notably, Mull highlights the success of barrel jeans and how data-driven strategies are helping Gap stay competitive in a tough market.
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Gap's Rise and Fall in Fashion
- Gap was the iconic king of American casual fashion in the 80s and 90s, defining how Americans dressed.
- It lost dominance as mall popularity declined and competition from fast fashion and online retail surged.
Malls, Debt, and Fast Fashion
- Gap's decline correlates with the decline of malls and emergence of fast fashion and internet retail.
- High lease and debt loads combined with new competition caused its fall from peak.
Mickey Drexler's Legacy
- Mickey Drexler led Gap for 20 years, turning it into a cultural engine with iconic ads and cool fashion.
- Despite success, he ultimately couldn’t save the company’s long-term struggles.