Banana Republic 2005 Annual Report Download - page 7

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Gap Inc. 2005 Annual Report
Our more than 150,000 employees around the world share common values,
including a commitment to giving back to our communities. Gap Inc. employees
volunteered nearly 155,000 hours last year to benefi t charitable causes. Following
the devastating hurricanes along the U.S. Gulf Coast, the company and our
employees committed more than $5 million to relief efforts. This included
Old Navy’s shopping spree events, which helped nearly 15,000 kids who were
displaced in the disaster replace some of what they lost.
The elimination of trade quotas in 2005 created a dramatic shift in our industry,
as retailers now have the opportunity to consolidate their sourcing base. We are
collaborating with other stakeholders to help manage the impact of this shift on
economically challenged regions.
We will continue to support global efforts that promote economic development,
improve factory conditions and help ensure healthy communities where we do
business.
Driving our turnaround and realizing our vision
While 2005 was a challenging year, we are energized by the fact that the issues
we face today are fi xable. We know what needs to be done to be successful, and
our teams are taking actions to improve. When our strategies take hold, we will
gain tremendous leverage from the strong foundation we’ve built.
Supporting our vision to be the global leader in specialty apparel retailing, we will
continue to reach new customers through our growth strategies:
gap inc. 2005 annual report
5
•
First, building and growing our lifestyle brands
through real estate expansion and brand extensions;
•
Second, expanding our brands internationally,
exploring opportunities in China, and pursuing
franchising in smaller, more fragmented markets;
•
Third, building our online business;
•
And, fi nally, creating new brands.
Ultimately, it’s the passion and commitment of our
people that will drive our results and help us realize
our long-term vision. In a lot of ways, the shifts
we’re making today feel very natural for us: creating
compelling stories through product and store experi-
ences is the essence of our DNA. Gap Inc.’s culture
is creative and fast-paced, rooted in a willingness to
drive change quickly. We’re all here today because
we believe in the power of our brands and the future
of our company.
I’m confi dent that our ongoing commitment to
improving our core businesses, building our operating
capabilities and pursuing our growth strategies will
create long-term value for our shareholders.