Old Navy Has Been Resurrected In A Big Way

Gap Inc.'s (GPS) Old Navy brand announced plans to open 800 new stores as part of its upcoming split from its parent company. "We'll almost double our fleet to 2,000 stores in North America, predominantly in under-served small markets," Old Navy CEO Sonia Syngal said. The company said it plans to open up around 75 stores a year, "focused on off-mall locations." The first Old Navy store opened in 1994 in Colma, California, and as of February, the company had about 1,140 stores. Old Navy's announcement of plans to open hundreds of new stores comes at a time when apparel giants are struggling with slower sales as customers prefer online shopping compared to bricks-and-mortar stores. Gap announced earlier this year it would separate its fast-growing budget brand Old Navy from the rest of the business, creating two publicly traded companies. Along with the namesake brand, Banana Republic and Athleta would remain in Gap Inc.