Gap Inc. (NYSE: GPS) today announced Old Navy’s opening of the brand’s first store in China, continuing its expansion outside the U.S.
With the debut of Old Navy’s first company-operated store, opening March 1 on Shanghai’s famous Nanjing West Road, the company plans to build on Gap brand’s three-year run of successful growth in the world’s second largest apparel market. A dedicated Old Navy e-commerce site will also be available simultaneous to the store opening, allowing customers across mainland China to shop the brand’s offerings for the entire family.
“At Old Navy, we’re about making current American fashion essentials accessible for every family,” said Stefan Larsson, global brand president, Old Navy. “As we enter our 20 th year, we’re excited to introduce our brand to more customers around the world and share our fun, energizing and unique shopping environment.”
The 22,000 square foot (2,000 square meters), three-level Shanghai store is located in the Jing’an District, a major commercial area known for shopping, sightseeing, hotels and office buildings that draws thousands of locals and overseas visitors. The store features iconic elements from Old Navy’s U.S. flagship stores such as the famous “Super Modelquins” and Magic the Dog, as well as interactive features that will make shopping fun for the entire family, such as touchscreen video games and game tables.“We plan to open a total of five stores in China in fiscal 2014, starting with the Shanghai store,” said Robert Frank, Old Navy’s executive vice president of international. “With our China entry, continued growth in Canada and Japan and the launch of our franchise business in the Philippines next month, we are well positioned to grow our share of the global retail apparel market.” The entry into the Chinese market follows Old Navy’s successful launch in Japan in 2012. Old Navy plans to open about 25 additional stores this year in Japan, bringing the total number of stores in the country to approximately 43 by the end of 2014.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV