Old Navy is planning to nearly double its store locations, from 1,140 to about 2,000, as part of its forthcoming spinoff from parent company Gap Inc.
The aggressive growth comes on the heels of Gap’s namesake brand announcing plans to close 230 stores over the next two years.
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As Old Navy prepares for its upcoming spinoff from parent company Gap Inc., it’s eyeing a significant expansion to 2,000 locations — nearly doubling its existing 1,140 stores in North America.
While there is no exact timeline for the openings, the effort is designed to help bolster the brand in its upcoming split from Gap as it attempts to reach $10 billion in sales, according to a presentation the brand made at an investor event. Some of this growth may occur in China, where executives have expressed interest in opening up shop. Bloomberg was first to report on the presentation on Thursday.
A representative for Gap did not immediately return Business Insider’s request for further comment.
Read more: Old Navy splits off from Gap
Gap first announced the split in Feburary 2019. The idea was to effectively create two publicly traded companies — Old Navy, and a still unnamed entity that includes Gap, Athleta, Banana Republic, Intermix, Hill City, and the recently acquired Janie and Jack.
Gap’s namesake brand has been particularly hard hit in recent years, and it is in the process of closing 230 stores over the next two years.
SEE ALSO: Gap is buying a high-end kid’s fashion line as the company tries to escape its cheap image and spins off Old Navy
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Source:: Business Insider