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Gap

Gap, Incorporated (NYSE: GPS) is an American clothing and accessories retailer based in San Francisco, California and founded in 1969 by Donald Fisher and Doris Fisher. The Fishers opened their first shop because they had been frustrated with the lack of decent customer service and fashionable styles at other retailers. The name was derived from the growing differences between children and adults — namely "the generation gap" — which reached its peak with the hippie movement. Some of the original mottos of the company were "Levi's for Guys and Gals", and "Fall Into The Gap". Around 1982, Gap began focusing on its own private label, and by 1991 – 1992 the company had stopped carrying Levi's and other brands altogether. As of October 2006, Gap Inc. had approximately 150,000 employees and operated 3,139 stores worldwide in the United States, Canada, Mexico, France, Germany, Ireland, Japan, Malaysia, Singapore and United Kingdom.

Banana Republic, formerly a catalog retailer selling safari themed clothing, was purchased by the company in 1983, and eventually was rebranded as an upscale clothing retailer. Old Navy was launched in 1994, as a value chain with a specialty flair. Forth & Towne, the company's fourth traditional retail concept, was launched on August 24, 2005, in the Palisades Center in West Nyack, New York, featuring apparel targeted toward women 35 and older. On February 26, 2007, after an 18-month trial period, Forth & Towne was discontinued, and the 19 stores will be closed. Gap Inc. is expected to take a $40 million pre-tax expenses associated with the closing. A fifth brand, the online footwear retailer Piperlime, was created in 2006.  On March 5, 2007 Gap Inc, hired Egon Zehnder International to coordinate the search for a new chief executive officer to replace Paul Pressler. No deadline was given for the search. In 2004, Gap sold all of its German operations to the Swedish H&M, its main competitor in Europe.

The Banana Republic stores try to convey a more sophisticated image for an upscale customer, whereas Gap stores appeal to a broader midrange of customers. The Old Navy chain is designed to appeal to younger generation of customers by emphasizing "fun, fashion, and value" through a store experience that delivers "energy and excitement." Although Gap, along with other retail-store chains, has been criticized for blandness and uniformity in its selling environments, the firm maintains that it tailors its stores "to appeal to unique markets" by developing multiple formats and designs.

When Gap is founded in 1969, it was unique and new. Its target customers were younger generations. Gap's hottest seller at the time was its "basic" look, which consisted of its signature blue jeans and white cotton t-shirts. Its founders realized that jeans were becoming popular among the younger generation of customers. Its founders recognized that, despite its popularity among the youth, there were not enough assortment of jeans in the clothing outlets. So, it tried to capitalize on this deficit. Gap's founders were sure that jeans could be sold through a chain of small stores devoted solely to that product. As this business idea became successful, Gap expanded its line of offering and now Gap offers a range of clothing for men, women, and children. As Gap's business began to boom, it also began to expand. Gap Inc. added two new entities to its company, Banana Republic and Old Navy. All three chains have their own target markets. Banana Republic is known for its casual luxury, with high-quality apparel. Banana Republic tailors its store to appeal to the unique market of pleasing the most fashion conscious consumers. Old Navy has redefined value-priced apparel retailing by making shopping fun and fashion affordable for customers of all ages. Old Navy is focused on the value driven segment of the fashion conscious population.

Source: Wikipedia - News Reports

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