Future of Retail

Gap CEO Art Peck to step down after 15 years with the company

The GAP logo.
Photo: Drew Angerer/Getty Image

Gap Inc. chief executive Art Peck announced plans to resign after 15 years with the retailer, the company shared on Thursday.

What we know: Peck, who served as CEO since 2015, will turn over his role to board member Robert Fisher, who will serve as president and chief executive on an interim basis. The company did not explain the reasoning for Peck's departure. The shift comes after a multiple quarters of low sales, largely brought on by declining foot traffic and excess inventory, Business Insider notes.

Americans are ready to spend on holiday shopping, but expect steep discounts

Presents in shopping bags in living room
Photo: Betsie Van der Meer/Getty Images

Americans plan to increase their holiday spending, with the average rising to about $675 on gifts this holiday season, according to a survey provided first to Axios by The Conference Board. That is an increase from last year's estimate of $627.

Yes, but: Consumers say they are expecting steep discounts, with more than a third reporting they expect — at a minimum — to buy half of their gifts on sale.