Gap To Replace 200 Underperforming Stores With Old Navy And Athleta Locations

10 September, 2017, 15:37 | Author: Rita Burton
  • The sign on a Gap store in the Shadyside shopping district of Pittsburgh. Associated Press files

Over the coming years, the firm anticipates Old Navy to exceed $10, whereas, Athleta to exceed $1 bn in net sales powered by the growth in online and mobile channels.

When Gap reported second-quarter earnings on August 17, the NY retailer revealed that Old Navy same-store sales were up 5% year over year, while Gap sales fell 1% and Banana Republic sales dropped 5%.

As it closes "underperforming" Gap and Banana Republic locations, the company said it expects to open about 270 new Old Navy and Athleta stores.

Lower-priced Old Navy has been a bright spot for the clothing retailer, posting rising revenue even as sales fell at the Gap and Banana Republic brands.

The company also plans to streamline operations, which is estimated to eventually save $500 million annually.

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Closing the Gap took on new meaning Wednesday.

Athleta, a chain of women's sports apparel stores owned by Gap Inc., is opening its first Arkansas location at The Promenade at Chenal, a representative of the west Little Rock shopping center confirms.

And, the company said it will concentrate its expansion in the channels where customers are shopping - namely online and value. The company has also been expanding its online services to meet the demands of its customers, including an option that allows shoppers to reserve an item online and pick it up at a store.

Shares of Gap rose nearly 6 percent to $25.39 in midday trading.

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