Gap, Inc.

San Francisco -- Gap Inc. is bringing its Old Navy brand to China, with the opening of a store on March 1 on Shanghai’s famous Nanjing West Road.

The 22,000 –sq.-ft., three-level Shanghai Old Navy store is located in the Jing’an District, a major commercial area known for shopping, sightseeing, hotels and office buildings that draws thousands of locals and overseas visitors. The store features iconic elements from Old Navy’s U.S. flagship and such interactive features as touch-screen video games and game tables.

Gap reported a 12.5% decline in fourth-quarter profit, with its results impacted by heavy discounting during the holidays. The retailer also issued a profit outlook for the full year that is below analysts' expectations, and said it will open 30 additional U.S. stores during fiscal year 2014.

Gap reported net income of $307 million for the three-month period ended Feb. 1, better than the Street expected, down from $351 million in the year-ago period.

San Francisco -- Gap Inc. on Thursday reported a 12.5% decline in fourth-quarter profit, with its results impacted by heavy discounting during the holidays. The retailer also issued a profit outlook for the full year that is below analysts' expectations, and said it will open 30 additional U.S. stores during fiscal year 2014.

Gap reported net income of $307 million for the three-month period ended Feb. 1, better than the Street expected, down from $351 million in the year-ago period.

San Francisco – Gap Inc. will raise the minimum hourly wage for all U.S. employees to $9 in 2014, and then raise it again, to $10, in 2015. The move will affect about 65,000 store employees across the company’s brands, which include Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix. Gap's announcement comes amid a nationwide debate about the minimum wage.

Gap contends its decision to increase the hourly rate it pays workers wasn’t political, but it sure looked otherwise given the timing of the move against the backdrop of the intensifying national debate over the minimum wage.

San Francisco - Launching Feb. 18 "Lived-In,” Gap's global marketing campaign, features magazine, outdoor and social components. These include Gap's Facebook, Twitter, Pinterest and Instagram communities, with the hashtag #LivedIn.

San Francisco -- Gap Inc. posted strong sales for January and issued a fourth-quarter profit forecast that topped expectations.

The retailer said its same-store sales rose 1% in January. Analysts had expected a drop of 1.3%. Net sales for the four weeks that ended Feb. 1 were $899 million, compared with net sales of $1.13 billion for the five-week period ended Feb. 2, 2013.

For the fourth quarter, net sales were $4.58 billion, compared with $4.73 billion a year earlier.

Portland, Ore. — Cypress Equities, the management company for Lloyd Center in Portland, Ore., has announced that the Center’s owners intend to purchase the 130,000-sq.-ft. building currently owned and occupied by Nordstrom. The acquisition is part of the center’s recently announced renovation plans.

Plans call for the building to change hands in January of 2015. Nordstrom has notified its employees that the store will close.