The Gap 2009 Annual Report Download - page 5

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With its focus on versatility,
Banana Republic launched
a Spring chino collection
that can be worn to work
or on the weekends.
Following on the success of
its adult 1969 Premium Jeans
line, Gap introduced premium
denim for babies with a soft,
authentic collection.
Piperlime expanded its fashion
perspective by adding women’s
apparel from more than
80 designers.
This strong financial position allowed us to become more offensive-
minded in the second half of the year. We made targeted invest-
ments—in stores, product and marketing. This helped us improve
comparable store sales in the fourth quarter.
These financial accomplishments were only possible through
the dedicated and tireless efforts of our 135,000 employees. I was
encouraged to see how many employees chose to stay with the
company, as shown by our significantly reduced turnover rate at
our stores and headquarters.
Customers first
All of our work in 2009 was aimed at connecting with our customers
as they faced one of the most challenging times in recent memory.
Companies like ours had to compete differently as consumers
looked for value from trusted brands that spoke to their individual
needs. As you can tell by the cover, this report tells our story through
the eyes of our customers.
Old Navy led the way for us in sales growth. The team kept a keen
focus on its target customers, whom we refer to as Jennie, Mike
and the kids. Across every department, Old Navy worked hard to
make sure that decisions were made with this target family clearly
in mind. As a result, Old Navy was able to deliver fashion at a great
value for the entire family. The strategy is paying off; the business
delivered six months of positive comps in the back half of 2009.
As a result of our commitment to constant consumer research,
Gap reinvented one of the product categories linked to our heri-
tage: denim. This led to the brand’s successful 1969 Premium Jeans
collection. Our customers responded positively because of our
perfect combination of style, fit, quality and price. We’re now
expanding the 1969 product line to kids and baby, and will continue
to work this formula in refreshing other key product categories.