Like Zeus overthrowing his father Chronos, Old Navy is gathering strength in preparation to spin off from its ailing parent, the Gap. The plan is coming to fruition! The great and terrible giant rises!!!
The Wall Street Journal reported on their latest plans, which involve eventually nearly doubling their number of stores:
At its investor event on Thursday, Old Navy, which has about 1,200 stores, said it wants to reach 2,000 locations by opening stores, mostly in smaller, underserved markets. The company didn’t specify a timeline and said it aims to eventually hit $10 billion in annual sales. Old Navy opened 145 stores between 2016 and 2018, the company said.
Bloomberg explained that “It will primarily focus on smaller markets, including about 75 off-mall sites a year,” and they are also eying China. Gap, meanwhile, continues to shrink.
Look behind you—there’s an Old Navy springing to life just over your shoulder!