Gap betting on Old Navy
CNBC reported that the discounted apparel brand will add 60 more stores across North America this year, pushing its total to more than 1,000 Old Navy locations in the US by the summer. Gap, which also owns the flagship Gap banner, Banana Republic and Athleta, currently operates more than 3,500 stores globally. Gap is meanwhile trimming back its fleet of Gap and Banana Republic stores, which haven't performed as well as Old Navy and Athleta of late. This demonstrates that a brick and mortar fleet can be profitable, but its offer and brand mix must be morphed in line with evolving markets.