Gap Inc.’s announcement that it will separate Old Navy from its portfolio of brands to create two independent and publicly traded entities tells a tale of two companies. On one hand, you have Old Navy, Gap Inc.’s darling child, which has continued to deliver growth and profitability, and then you have the rest of the portfolio, a tangled web of troubled but promising brands.
Unfortunately, Old Navy’s success offers a stark contrast to the remainder of Gap Inc., which has struggled for over a decade. And the revenue trend lines of these newly split companies are heading in wildly different directions. Gap and Banana Republic stores have experienced lower foot traffic and seen the cannibalization of customers from competitors as well as Old Navy. This trend has led to stores that are no longer profitable and need to be closed.
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