Word: gap
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...Gap, it was a perplexing strategic predicament. The company's higher-priced, better-goods Banana Republic stores as well as its cheeky, value-priced Old Navy outlets have been clicking. So, as the company's mid-priced brand, Gap had to be careful about remaking itself without skimming sales from the other stores. In fact, the company's 27% sales jump in the fourth quarter, to $3.86 billion, was powered by those other brands. And by most standards, Gap Inc.'s 7% increase in company-wide comparable store sales in 1999 would be considered more than respectable. But it looks...
...makes no difference to Millard ("Mickey") Drexler, the master merchant behind Gap Inc., whether business hums or business sputters. He is rarely satisfied. If the former, "I'm pleased," he admits, "but never happy." Certainly the past year's uneven performance did little to put Drexler in the mood to do the khaki swing...
...flagship Gap stores, which account for more than a third of the company's $11.6 billion in sales and estimated $1.1 billion in profits, made their name as a basics retailer with a fashion edge, the message driven home by brilliant advertising. But last May, Gap began to lose that edge. For six consecutive months, sales at Gap stores fell flat or into negative territory, dragging the stock price down with them...
...Gap seemed safer, because its philosophy has been to sell a seemingly limitless supply of tried-and-true basics. But that strategy makes less sense at a time when people want to dress up, when they want more color, style and luxurious fabrics. On the fashion side, Gap stores were either slow to jump on seasonal raves like embellished jeans and Capri pants or they didn't have enough of them. Of-the-moment niche retailers such as J. Crew and Abercrombie & Fitch (see box) were grabbing the attention of younger shoppers...
When Drexler turns his attention to something, results are usually quick to follow. So in October, when Robert Fisher, president of the Gap division and son of founders Donald and Doris, announced his resignation, Drexler quickly assumed his duties. The company's stock rose 10% on the news. Under Drexler, who took over as president of Gap brand in 1983, the company has gone from a $430 million blue-jeans chain to an $11 billion global enterprise with the kind of brand recognition enjoyed by Coca-Cola. It is rare to find a town where a Gap store does...