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Retail Competition Hurts Gap Stock
Thursday, 24, June 2010


Revenue per square foot for Gap stores slipped from $430 in 2005 to $390 in 2008, driven by falling comparable store sales. This unhappy tendency dates back to the late 1990s, when the company started losing touch with emerging fashion trends. Failed marketing campaigns and poor real estate decisions left Gap with too many stores and falling sales. In addition, Gap alienated its core customer base by moving away from signature basics into younger, trendier styles.

Similarly, revenues per square foot declined between 2005 and 2008 for Gap’s other retail brands, Old Navy and Banana Republic. Both recovered in 2009 and may perform better than Gap stores during our forecast period. Old Navy operates in the value price segment, which gained popularity during the recent economic slowdown. Banana Republic sells affordable luxury clothing, demand for which is expected to increase as the economy recovers and consumer spending picks up.
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