H M S In the news. Bethany Biron. Gap, the largest specialty retail company in the US, was once one of America's most beloved apparel retailers, known for its laid-back basics and classic denim. The company is now struggling to stay afloat amid a consistent sales decline and recent executive transitions, including the sudden departure of CEO Art Peck earlier this month. Here's the story of the company's rise to mall brand darling and eventual fall from grace. Visit Business Insider's homepage for more stories.
The name is a reference to the concept of the generation gap. The first Gap store primarily sold Levis and records. Gap's popularity exploded. The next year, the Fishers opened a second store in San Jose and then established a company headquarters in Burlingame, California, in The store became synonymous with American classics, like blue jeans and T-shirts. In , Gap officially went public. As Gap looked to grow the company, it started to eye acquisitions and developing new brands. In , Gap acquired Banana Republic.
As part of Gap's growth strategy, it also moved into new apparel categories, including children's clothing, leading to the launch of Gap Kids in In , Gap officially opened its doors overseas, with its first store in London. To help develop a more upscale identity, Gap brought on Millard "Mickey" Drexler as CEO, who oversaw the company for much of the s.
During his tenure, Old Navy was created, initially intended as a lower-priced alternative to Gap when it opened its doors in Old Navy quickly became beloved across a wide consumer demographic for its playful designs and fun slices of Americana, like its annual Fourth of July apparel. However, after a month period of slumping sales attributed to over-expansion, Drexler was asked to step down in This was the first sign that Gap's fortunes could turn.
Though trouble was brewing behind the scenes, the late s and early aughts led to some of Gap's most iconic advertising campaigns. Gap began to focus on charitable initiatives and in it launched its Product Red initiative. Also in , Gap was among the retailers implicated in a series of labor rights protests after reports surfaced alleging poor working conditions at factories overseas. Looking to the future of retail, Gap embarked on a series of failed experiments including launching Piperlime in Search our premium data.
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Learn more about how Statista can support your business. March 16, Number of stores of The Gap, Inc. In Statista. Accessed November 13, Statista Inc.. Accessed: November 13, Worldwide from to , by Store Brand and Region.
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