History of Old Navy Retail
The Old Navy retail chain is a subsidiary of The Gap, Inc. The chain consists of around 850 stores and presents itself as a lower-priced version of Gap style fashions for women, men, children, and infants. Old Navy is an important retail concept for Gap Inc., as it provides roughly 40 percent of its parent company's estimated $15.8 billion in sales. The lower-priced Gap concept was originally introduced as Gap Warehouse before the name Old Navy was settled on.
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History
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The Gap Inc. converted several of its outlet stores into a new, lower priced concept under the Gap Warehouse moniker in 1993. The results exceeded expectations.
Development
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The company moved forward with the new concept under its new name, Old Navy. The first Old Navy branded retail store was opened in Colma, California in 1994.
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Effects
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By the end of 1995 there were 59 Old Navy branded stores that generated more than $120 million in sales.
Growth
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Within three years, the Old Navy chain achieved more than $1 billion in sales, the first chain in U.S. retail history to achieve that feat in less than four years.
International
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Old Navy moved into the international market in 2001 when it opened twelve stores in Ontario, Canada.
Significance
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Still less than fifteen years old, Old Navy is one of the most successful brand concepts in retail history, with sales exceeding $6 billion per year.
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Resources
- Photo Credit http://morguefile.com/archive/display/231590
