Old Navy outlined plans to open 800 new stores, its first major announcement since the Gap, its parent company, announced it would spin off the lower-priced brand
"We'll almost double our fleet to 2,000 stores in North America, predominantly in under-served small markets," Sonia Syngal, CEO of Old Navy, said at an investor conference. Old Navy had 1,140 stores at the end of its fiscal year in February.Old Navy expects to open up around 75 stores a year, focusing away from struggling malls. The Gap said in February that it plans to spin off Old Navy into a public company in 2020.
Read MoreOld Navy, born in 1994, reached $1 billion in annual sales in its first four years by hawking trendy, low-priced clothes. The brand has thrived in recent years. Sales at stores open at least a year grew 3% in 2018."We're an $8 billion start-up," Syngal said."The sky's the limit."Old Navy will open stores at a moment when most of the industry is doing the opposite.
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