Athleta is on the rise Its retail footprint.
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The women’s athletic apparel and accessories brand — which is owned by Gap Inc. — revealed plans Thursday to open two new outlet locations by the end of the year as part of the brand’s promise to grow its retail fleet by 30 to 40 new stores during fiscal year 2022. The first outlet will be located at the Chicago Premium Outlets. It will be 3,100 square feet in size. The second outlet will open at the Leesburg Premium Outlets in Leesburg.
“As part of our long-term strategic growth plan, Athleta is investing in new access points to reach new customers, deliver new value to customers who already know and love our brand and expand our community of empowered women and girls,”Mary Beth Laughton A statement was made by Athleta’s president and chief executive officer. “Our new outlet stores are intentionally designed to stand out from traditional outlet and clearance store models, helping drive new customer acquisition and increased brand awareness for Athleta.”
The retailer continues to be a growth driver for the greater Gap portfolio, as activewear’s growth trajectory shows no signs of stopping, even as consumers venture back out into the world. In early 2021 the brand laid out plans to grow its revenue stream to $2 billion in 2023 — up from $978 million in 2020 — while also opening more stores and expanding into the Canadian market. In the most recent quarter Athleta’s net sales increased 4 percent.
The parent company’s executives spoke out Gap Inc.’s multiyear North American store restructuring will be 85 percent complete by the end of 2022, with 350 closings expected to be done by 2023. The strategy includes closing certain Gap and Banana Republic shops.
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Athleta has opened 12 stores in North America so far this year. The markets include markets in California. Connecticut, Illinois. Louisiana, North Carolina. New Jersey. Nevada. Pennsylvania. Tennessee. The brand stated that it would open four stores in Canada by the year 2022, as announced in June. (At the moment, Gap Inc. has approximately 250 stores in Canada.
The latest news surrounding Athleta’s real estate expansion plans comes just days after competitor Lululemon Plans to open stores in Spain revealed This fall.
David Moin contributed to the article.
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