Old Navy will open 800 stores

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"We will double our fleet to reach 2,000 stores in North America, primarily in small underserved markets," said Sonia Syngal, CEO of Old Navy, at an investor conference. Old Navy had 1,140 stores at the end of its fiscal year in February.

Old Navy hopes to open about 75 stores a year away from distressed shopping centers.

the gap (GPS) In February, he announced his intention to turn Old Navy into a public limited company in 2020. The Gap will retain its flagship brand, Banana Republic, as well as Athleta and Hill City.
What the old Navy says about the dependence on cheap clothes in America

The split was designed to allow Old Navy to develop on its own. The company, which has achieved a turnover of $ 8 billion, is expected to reach $ 10 billion, Syngal said Thursday.

Old Navy, born in 1994, had annual sales of $ 1 billion in the first four years of her life selling trendy, low-cost clothing. The brand has flourished in recent years. Sales in stores opened at least one year ago increased by 3% in 2018.

"We are an $ 8 billion start-up," Syngal said. "Sky is the limit."

Old Navy will open stores at a time when the majority of the industry will do the opposite.

So far this year, retailers in the United States have announced more than 8,200 store closures, already surpassing the total of 5,589 last year, according to Coresight Research.

Payless, which sells shoes, and the Gymboree children's clothing store both went bankrupt this year, closing nearly 3,000 stores combined.

According to Coresight, new store closures are expected to accumulate and reach 12,000 by the end of 2019.

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