Tuesday, June 18

Old Navy intends to open in excess of 800 new stores as it divides from parent company Gap

There’s going to be a lot of new naval force.

Old Navy intends to open in excess of 800 stores as it separates from the scuffling brand of its parent company, the Gap, the store’s president said at a investor introduction Thursday.

“They’ll almost double our fleet to 2,000 stores in North America, predominantly in under-served small markets,” Old Navy CEO Sonia Syngal stated, as per CNN.

Old Navy, a discount more youthful sibling of the Gap established in 1994, plans to develop its brick-and-mortar footprint while numerous retailers face a daunting struggle presented by online shopping.

Old Navy had 1,139 stores in the U.S., incorporating 69 in New York state, as of the part of the financial year, as per introduction notes.

The Gap said not long ago it wanted to turn off the Old Navy brand into a independent company in 2020. That disclosure joined plans to close 230 Gap shops.

U.S. retailers have covered in excess of 8,200 stores this year, as indicated by figures from data firm Coresight Research cited to by CNN — up from 5,589 out of 2018.

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