Gap is falling into irrelevance. And to think the clothing store opened in the US in the ’60s with reference to the rift between young idealistic children and their conservative suit-and-long-skirt wearing parents. At the time Gap provided young hippies with all their indigo denim needs.

Now Gap’s three-tier brand model — Old Navy for the budget buyer, Banana Republic for the upscale shopper and Gap stores for everyone else — isn’t working as well as it used to. Over the past year there has been a three per cent decline for Old Navy, a four per cent drop for Gap and an 11 per cent plunge for Banana Republic.

Same-store sales have fallen specifically at Gap stores for ten consecutive months. Banana Republic has fared worse with 20 consecutive months of declining sales as it struggles to figure out what women in particular want in high-end workplace attire.

Gap’s total sales for the three months ended October 31 were flat compared with the same period last year. The retailer plans to close 140 of its 675 North American stores and shed 250 corporate jobs by the end of January. Gap has been overtaken by fast fashion retailers like H&M, Zara and Forever 21 that have lured younger shoppers.