Not only is Old Navy ditching Gap, but it is also planning to get a lot bigger.
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That’s essentially what the affordable clothing company announced will be its future as it gets spun-off from parent Gap in 2020.
Old Navy intends to double its stores to reach 2,000, all in North America and in underserved small markets, according to an investor presentation. The retailer is hoping its apparel brand, which ranks second to Target, will be able to attract more customers.
Old Navy projects a potential $2 billion-plus increase in annual sales.
As Old Navy gets bigger, other retailers are getting smaller. Just this week GameStop announced it was closing up to 200 stores and reports are swirling around teen retailer Forever 21 and a possible looming bankruptcy, although the retailer denied those reports to FOX Business.
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