Old Navy, LLC

Gap Inc.’s reported a 12% jump in first quarter profit amid another strong performance from its Old Navy division.    Net income rose to $143 million, or 36 cents per share, in the quarter ended April 29, from $127 million, or 32 cents per share, a year earlier. Its results easily beat the Street, which had predicted earnings of 29 cents per share.   

Leasing agent Dan Waldman clearly hasn’t read all the news reports about the demise of the American mall.   In 2015, when Waldman took over leasing for the Walpole Mall in Walpole, Massachusetts, 80,000 of the property’s 400,000 sq. ft. lay vacant. This week, his Waldman & Associates announced that the mall was 100% leased for the first time in 30 years.  

When shoppers talk about brands, they usually do it offline.   That’s according to a study by Engagement Labs that measured the performance of 60 brands with respect to social media and word of mouth conversations. Amazon came out on top in the retail and apparel category, followed by Nike and Nordstrom.   

President Trump’s real estate compadres at CBL and Horizon Group are no doubt hoping he holds off on building that wall.   The companies opened The Outlet Shoppes in the Texas border town of Laredo this week and report experiencing high traffic and sales volumes, in large part due to Mexica shoppers flocking to the site.  

Riverpoint Center, a 211,000-sq.-ft. grocery-anchored center in Chicago’s Lincoln Park neighborhood, has been acquired by Federal Realty Investment Trust for $107 million.   Mid-America Rea Estate brokered the sales of the center, which is anchored by Jewel-Osco, Marshalls, and Old Navy. The name of the seller was not disclosed.   Riverpoint Center is located at the northwest corner of West Fullerton and North Clybourn Avenues in Lincoln Park, an affluent neighborhood on the lakefront north of downtown.

Three very different retailers earned the top score in a survey of customer experience.   Ace Hardware, BJ's Wholesale Club, and QVC deliver the best customer experience in the retail industry, according to the 2017 Temkin Experience Ratings, an annual customer experience ranking of companies based on a survey of 10,000 U.S. consumers.   

It’s a homecoming of sorts for Mark Breitbard.     Gap Inc. on Tuesday named Breitbard as president and CEO of its struggling Banana Republic division.       Breitbard served as CEO at The Gymboree Corporation from 2013 until he stepped down in early 2017. From 2010 to 2013, he held leadership positions across Gap North America, where he was instrumental in delivering the product-led resurgence of Gap’s North America business.    

A jolly holiday season helped Gap Inc. post fourth-quarter earnings and sales that beat expectations, leading to speculation that the chain’s turnaround may be starting to take hold.    The nation’s largest apparel retailer reported net income of $220.0 million, or 55 cents per share, up from $214.0 million, or 53 cents per share, last year.   Sales totaled $4.43 billion, up from $4.39 billion and ahead of the $4.41 billion analysts had expected.   

Nordstrom announced the second Big Apple location for its off-price division.   Nordstrom Rack will open at Durst Organization's mixed-use building at 855 Sixth Avenue.    The approximately 46,500-sq.-ft. store is scheduled to open in fall 2017. It occupy the first three floors of the newly constructed office/residential tower. The location is on the corner of 31st Street, two blocks from Herald Square.  

Gap Inc. reported higher than expected sales for January and the fourth quarter, fueled by strong increases at Old Navy.    The retailer reported that net sales for the four-week period ended January 28, 2017 increased 2% to $828 million.    Total same-store sales for the month rose 1%, led by a 3% gain in the namesake brand and a 2% increase at Old Navy. The ailing Banana Republic continued to slump, with a 4% decrease.