Gap to remodel 50 Old Navy stores
New York City Gap Inc. chairman and CEO Glenn Murphy updated investors on Wednesday about the company’s top priorities, including gaining market share at its core brands in North America while continuing to grow through its online and international businesses.
Murphy also announced Old Navy’s plans to remodel approximately 50 stores in 2009.
“We’re pleased with the results we’ve seen from the new store prototype that has been tested this year in two Old Navy stores in California, and we’ll invest in 50 additional remodels this year,” said Murphy. “Early results demonstrate the new layouts create a better experience for our customers that better captures the unique energy that’s central to Old Navy’s fun personality.”
The company reiterated its full-year capital expenditure guidance of $350 million for fiscal year 2009.
Gap Inc.’s online and international businesses continue to offer solid growth potential for the company – which, combined, have increased by approximately $500 million from 2006 to 2008.
Murphy also said the company will add 50 labels available at its online shoe and handbag shop Piperlime.
He also noted that internationally, the company will continue to open new stores, including approximately 40 new franchise stores in a total of 20 countries by the end of the year. The company is also expanding its outlet business in the United Kingdom, Japan and Canada.
Golfsmith to open superstore in Orange County
Irvine, Calif. Golfsmith International Holdings announced Tuesday that it has signed a lease for a new 40,000-sq.-ft. superstore in Orange County that will open in November 2009.
The new Golfsmith Xtreme will be the largest store of its kind in the greater Los Angeles area. The store will provide golfers and tennis players of all skill levels an interactive environment, and will feature such attractions as a huge indoor driving range with state-of-the-art launch monitors, a large putting green, an indoor hitting area for tennis, and private custom club-fitting studios.
“Golfsmith continues to expand its superstore format into new markets, and we are excited about Los Angeles because it is one of the strongest year-round golf markets in the country,” said Martin Hanaka, president and chief executive of Golfsmith. “We are committed to growing the game in California, and despite the economic downturn, we are financially sound and growing our retail footprint where appropriate. This new store will be the best store we’ve ever opened.”
Von Maur to enter Mo.
St. Louis Von Maur Department Stores plans to begin construction of its first store in Missouri by mid-June at The Meadows at Lake Saint Louis lifestyle center in Lake Saint Louis.
The store will be Von Maur’s 25th overall and first in Missouri. The retailer projects that the store will employ approximately 225 people when it opens in fall 2010.