Walmart, Gap will debut Gap-branded home collection
Prices for the products will range from $15.88 to $64.98
Two major brands --Walmart Inc. and Gap Inc. – are linking up to create a home goods collection.
The companies announced plans Thursday to debut Gap Home, a Gap-branded home essentials collection that will be sold exclusively at Walmart.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 59.86 | +0.77 | +1.30% |
| GPS | GAP INC. | 20.10 | -0.81 | -3.85% |
Starting on June 24, over 400 items – spanning from home décor to tabletop, bedding and bath items – will hit Walmart's online marketplace, Walmart announced Thursday. Prices for the products will range from $15.88 for pillows to $64.98 for a king comforter set.
As part of the collaboration, the brands plan to drop more "seasonal and special collections" throughout the year that will be developed in partnership with Gap’s licensing agency, IMG.
Gap Home (Walmart)
In doing so, Gap has effectively become the first clothing retailer to partner with Walmart in the home space, Walmart said.
"Over the past few years, we’ve focused on expanding our home assortment to bring high-quality, stylish home goods and decor to our customers at an unbelievable value," said Anthony Soohoo, executive vice president of Walmart's U.S. home division. "Gap Home is the latest example of how we’ll deliver on that mission."
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The move, however, is also reflective of how retailers are trying to reinvent their operations during the pandemic. Many companies, like Walmart, are looking to expand their e-commerce options and boost online sales due to the fact that shoppers have largely shifted their spending online, which experts say is likely to continue.
In its latest earnings report, the Arkansas-based company announced that Walmart's U.S. e-commerce sales grew 37% "with strong results across all channels" while e-commerce for Sam's Club grew 47%.
The move may also be helpful for the struggling San Francisco-based retaile Gap, which was for decades a fixture at shopping malls around the country.
Now, Gap is moving away from some of its physical locations and tailoring operations to the changing climate.
A Gap Inc. investor meeting last fall detailed a three-year plan that calls for closing what amounts to 30% of the company’s Gap and Banana Republic stores in North America and focusing on outlets and e-commerce business.
The Associated Press contributed to this report.