Rome - July 29, 2011- Gap Inc. today announced that it will open its first Gap flagship store in Rome on Via del Corso, the city’s premier shopping district. Set to open on July 30, the new store will offer Italian consumers cool, authentic styles, for every occasion in modern life, for the entire family.
The opening in Rome is part of Gap Inc.’s ongoing strategy to bring its classic, American designs around the world. The company opened its first Gap and Banana Republic stores in Milan in November 2010. Within a few months, the two stores combined were among the top performing stores in the company’s global fleet. Last year, Gap brand also made its products available to European customers online by launching a dedicated e-commerce site (www.gap.eu). Today, this site services 21 European countries, including Italy.
“Our Milan store launch has been a phenomenal success, exceeding our expectations and underscoring the potential for our brands in Italy,” said Stephen Sunnucks, President, International, Gap Inc. “The opening of our first flagship in Rome, a city at the heart of the arts and culture, as well as a top global tourist destination, is an exciting development in our European growth.”
As part of the company’s efforts to continue to grow its share of the $1.4 trillion apparel market, the company expects to open 4 additional Gap and Banana Republic stores in Italy this year. The company also recently introduced its outlet concept to the country and expects to open additional stores in Italian outlet centers. Gap Inc. currently operates more than 190 company operated stores in the United Kingdom, Ireland, France, and Italy. The company also has more than 180 franchise stores in 25 countries throughout Asia, Europe, Latin America, the Middle East and Australia. To learn more about Gap Inc.’s global runway, click here.
Innovative Store Design:
The new flagship store was designed with style and functionality in mind, while embracing the building’s rich history. It represents Gap Inc.’s unique approach to international store design: blending what’s native to the store and local community with what’s distinctly American and Gap. The two-story, 1,311 square meter (14,111 square foot) space was originally a bank and most recently a book store. To celebrate this heritage, the store will house a book corner and sell a variety of art and style books. Several of the structure’s original elements have been conserved including a 1940’s mural by Giulio Russo showcasing men on a scaffold wearing white T-shirts and denim. Gap has also reinterpreted and localized Gap’s American store design through the use of premium materials such as marble and warm toned woods. At the heart of the stores is a floating white staircase composed of stone and white glass and a sky light positioned directly above.
The store will house Gap adult, GapKids, babyGap, and GapBody. The styles include simple, easy to wear pieces that form the foundation of any wardrobe, especially, Gap’s 1969 Premium Jeans. Building on more than 40 years of denim experience, the jeans offer superior fit, finishes and detail at a truly affordable price point.
Via del Corso, 471-3, Roma, 00186
This press release contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “project,” and similar expressions also identify forward-looking statements. Forward-looking statements include statements regarding the following:
• Growth potential in Italy and the rest of Europe.
• Additional stores in Italy.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the company’s actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following:
• The risk that changes in general economic conditions or consumer spending patterns will have a negative impact on the company’s strategies;
• The highly competitive nature of the company’s business internationally;
• The risk that the company will be unsuccessful in gauging fashion trends and changing consumer preferences;
• The risk that the company’s efforts to expand internationally may not be successful and could impair the value of its brands;
• The risk that the company’s franchisees will be unable to successfully open, operate, and grow the company’s franchised stores;
• The risk that the company will be unsuccessful in identifying, negotiating, and securing new store locations effectively;
• The risk that the company will be unsuccessful in implementing its strategic, operating and people initiatives;
• The risk that updates or changes to the company’s information technology (“IT”) systems may disrupt its operations;
• The risk that acts or omissions by the company’s third-party vendors, including a failure to comply with the company’s code of vendor conduct, could have a negative impact on its reputation or operations;
• The risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits; and
• The risk that changes in the regulatory or administrative landscape could adversely affect the company’s financial condition, strategies, and results of operations.
Additional information regarding factors that could cause results to differ can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011, as well as its most recent Quarterly Report on Form 10-Q.
These forward-looking statements are based on information as of July 29, 2011. The company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
About Gap Inc.
Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands. Fiscal year 2010 net sales were $14.7 billion. Gap Inc. products are available for purchase in over 90 countries worldwide through about 3,100 company-operated stores, about 180 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
Gap Inc. Media Relations