Old Navy, LLC

Over the past 15 years or so, fast-fashion has evolved from a trend to a phenomenon to an industry standard — one that has largely redefined the U.S. apparel retailing landscape.

From home-grown Forever 21 to Swedish import H&M, the market is awash in stores offering cheap, on-trend clothes at low prices. And now another import has entered the mix, Primark, which opened its first U.S. store in September, in Boston, the first of eight initial locations.

A steep profit decline and deteriorating sales at two of Gap Inc.’s three flagship formats in the third quarter have CEO Art Peck looking ahead to what he expects to be better times.

A steep profit decline and deteriorating sales at two of Gap Inc.’s three flagship formats in the third quarter have CEO Art Peck looking ahead to what he expects to be better times.

Over the past 15 years or so, fast-fashion has evolved from a trend to a phenomenon to an industry standard, one that has largely redefined the U.S. apparel retailing landscape.

From home-grown Forever 21 to Swedish import H&M, the market is awash in stores offering cheap, on-trend clothes at low prices. Most recently another import entered the mix, Primark, which opened its first U.S. store in September, in Boston, the first of eight announced locations.

Did Japanese retailer Uniqlo miscalculate its appeal to American shoppers?

The company, a division of Fast Retailing, is moving into the slow lane with regards to its U.S. expansion. Uniqlo now plans to open only five U.S. locations in its current fiscal year, which began on September 1, 2015, after opening 17 in its most recently completed year.

Uniqlo, which has more than 1,600 stores worldwide, operates 43 stores across the United States.

Photos: Dalziel & Pow, London

The top executive at Gap Inc.’s fastest growing division, Old Navy, has resigned to become CEO of Ralph Lauren.

Gap Inc. said that Stefan Larsson would step down as global president of Old Navy effective October 2, 2015, and the division would be led on an interim basis by Jill Stanton, executive VP of global product at Old Navy.

Jill Stanton was named interim president of Old Navy after the top executive at Gap Inc.’s fastest growing division left the company to become CEO of Ralph Lauren.

San Francisco -- Gap Inc.’s sales slump continued in August across all its brands with one notable exception. The retailer said that it wasn’t helped by a late Labor Day, with the holiday falling in September this year, as opposed to August last year.

Gap's global same-store sales fell 8%, compared to a 6% decrease for the year prior, while Banana Republic had a 11% drop compared to 6% last year. Old Navy continued its winning streak, with a same-store sales rose 6% on top of a 2% increase for the prior year.