SAN FRANCISCO – August 10, 2011 – Gap Inc. (NYSE: GPS) today announced the grand opening of two Athleta retail locations opening this week in Manhattan’s Upper East and Upper West side neighborhoods. These openings mark the brand’s entry into the east coast market, and support Athleta’s plan to open up to 50 stores by 2013.
“Entering New York is a significant milestone for us as we aim to grow our share of the $31 billion women’s active wear market,” said Scott Key, senior vice president and general manager of Athleta. “Thanks to our successful catalog business, we already know there’s a highly concentrated customer base in the New York metropolitan area and we’re excited to bring our loyal and new customers two beautiful stores where they can build strong, inspiring communities around the athletic pursuits they love.”
The new stores will offer shoppers Athleta’s collection of women’s active lifestyle apparel for yoga, running, swim, gym, hiking and skiing – designed by and for female athletes – as well as other products for both athletic and everyday pursuits.
Key added, “Whether she’s an elite athlete or training for her first organized event, Athleta offers high quality apparel made to stand up to every female athlete’s highest standards. And because our clothing is designed to take our customers through her workouts and beyond, she can easily transition from working out to going out and still feel confident she looks great.”
Located at 216 Columbus Avenue on the Upper West Side and 1517 3rd Avenue on the Upper East Side, the stores sit equal distance from Central Park, the ultimate Mecca for athletes in the New York area. Both stores boast modern, clean designs in keeping with the NYC aesthetic and compliment Athleta’s inspirational catalog imagery with sleek steel and warm wood trim at the cash wraps and in the dressing room seating areas.
Additional unique-to-Athleta features include free alterations in store, kiosks that link directly to the website offering customers access to additional product and sizes, and free fitness classes.
To mark the opening of our New York City stores, Athleta has partnered with Bent on Learning, a non-profit organization that offers instruction in yoga and meditation to students in grades K through 12 in New York City public schools and youth centers as a means of reducing stress and improving concentration, self-esteem and overall health.
Forward-Looking Statement
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 Athleta’s plan to open up to 50 stores by 2013.
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 in the United States;
- the risk that the company will be unsuccessful in gauging fashion trends and changing consumer preferences;
- the risk that the company will be unsuccessful in identifying, negotiating, and securing new store locations and renewing or modifying leases for existing 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 changes in the regulatory or administrative landscape could adversely affect the company’s financial condition, strategies, and results of operations; and
- the risk that the company will not be successful in defending various proceedings, lawsuits, disputes, claims, and audits.
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. Readers should also consult the company's most recent Quarterly Report on Form 10-Q.
Future economic and industry trends that could potentially impact net sales and profitability are difficult to predict. These forward-looking statements are based on information as of August 10, 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 Athleta
Athleta was founded in 1998 with the mission of providing women athletes with apparel for different sports and fitness activities. The company has become one of the premier brands in the rapidly growing women’s sports and active apparel markets. Athleta offers high quality, stylish, and functional apparel, footwear and accessories, 90 percent of which is proprietary branded, across a wide variety of sports and fitness activities, including a high component of crossover apparel as well as casual wear. Athleta sells its products through catalogs and its website, www.athleta.com. The company is headquartered in Petaluma, CA, and has nearly 200 employees. Athleta was acquired by Gap Inc. in September 2008 and is part of the Gap Inc. Direct Division. In 2011, Athleta was awarded the International Council of Shopping Centers (ICSC) 2011 Hot Retailer Award, an award that recognizes innovative retail concepts that drive consumers into shopping centers around the world.
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 175 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
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