Investor meeting outlines company strategies to regain market share
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Gap Inc. (San Francisco) plans to open its first Gap store in China in 2010 and expand its Outlet store presence internationally. Such announcements are part of overall strategic initiatives that the company’s plans to share with investors today, outlining the company’s focus on regaining market share and expanding investment in online and international businesses.
“Old Navy’s performance this year has shown what we can deliver through consistent products, re-invigorated marketing and an enhanced store environment,” says Glenn Murphy, chairman and ceo of Gap Inc. “With our improved economic model, we’re ready to step up our investments and strategies to regain market share and expand our international platform.”
During an investor meeting today in New York, the company will discuss plans for all its brands:
• Gap Inc. Direct, the company’s web division, will launch online businesses in Canada and the U.K. in 2010.
• With the success of its Supermodelquin advertising campaign, Old Navy is focusing of increasing its market share and will roll out a new store design to 50 locations by the end of 2009.
• As part of Gap’s focus on reinventing key product categories, like its recent 1969 premium denim relaunch, the clothing retailer is remodeling stores to improve the shopping experience. The brand will also return to television advertising in November, following a two-year absence.
• Banana Republic aims to rebalance its product assortment to reflect its affordable luxury brand proposition. The brand says its product and marketing focus became “too serious” and “too heavily work focused.” A new message will highlight the brand’s versatile wardrobe with products for weekend, work and evening.
Gap Inc. operates more than 3100 stores in the U.S., the U.K., Canada, France, Japan and Ireland. In addition, the company is expanding its international presence with franchise agreements in Asia, Europe, Latin America and the Middle East. Gap’s fiscal sales were $14.5 billion in 2008.
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