Gap to open 60 new Old Navy stores this year

Gap Inc. announced plans to open 60 new Old Navy stores in 2018. The company also plans to remodel about 150 existing stores, including upgrades to bathrooms, fitting rooms and checkout areas. Ten percent of these stores will undergo a full remodel, including three locations that were hit by Hurricanes Harvey and Maria. New locations will be spread across the U.S. and Canada. Old Navy has been a consistent bright spot for Gap, whose brands also include the namesake stores and website as well as Banana Republic. Old Navy same-store sales rose 9% in the fourth quarter. Gap shares are up nearly 2% in Tuesday trading, but down nearly 14% for the year to date. The S&P 500 index is nearly breakeven for the period.