The Gap's Biggest Problem Is That It Lost Its Brand Identity

Once effortlessly cool, now everything—and nothing—to everyone

This week The Gap said it would close 175 of its stores in North America, or roughly a quarter of them, due to lackluster sales. The retailer also plans to cut 250 corporate jobs in San Francisco and New York. The brand, in other words, is floundering. What happened? And how can the once-dominant khakis-and-jeans chain get its mojo back?