Gap Inc. plans to open some 800 Old Navy stores, the majority of them in smaller, underserved markets, the company announced Thursday.
This expansion will boost the brand’s presence to 2,000 stores as part of a plan to achieve annual sales of $10 billion, according to The Wall Street Journal, reporting at an investor event Thursday. The company offered no timeline.
Old Navy, which has consistently outperformed sister brands Gap and Banana Republic, opened 145 stores between 2016 and 2018 and generated almost half of Gap Inc.’s $16.6 billion in sales last year.
This stands in contrast to the fortunes of the Gap brand, which has closed hundreds of stores in recent years. Gap Inc. is in the process of splitting off Old Navy.
By Edmund Mander