BY NICOLE DRAIN
TABLE OF CONTENTS Company Overview
7
Brand Definition
8
Financial Analysis
10
SWOT Analysis
13
Competitors
18
Brand Analysis
20
Brand Repositioning
23
Logo Re-design
24
Marketing Collateral
25
Website Re-design
26
Sources
28
COMPANY OVERVIEW Founded in 1969, the Gap Inc., is a global specialty apparel company. The company offers products in apparel, accessories, and personal care items for men, women, children, and babies. The brands of the company operate under five banners: • • • • •
Gap Old Navy Piperlime Athleta Banana Republic
The brand operates globally, in North America, Europe, and Asia. Its headquarters are located in San Francisco, California and employs about 137,000 people (Gap Inc). Gap distributes its products through its retail stores, catalog, and online. The company also manages wholesale and franchise businesses (Global Data). Under these agreements, third parties operate stores that sell apparel and related products under its brand names, around the globe (Reuters).
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BRAND DEFINITION GAP Gap, the company’s flagship brand, offers iconic American style to customers of all ages. Its product assortment consists of apparel for both genders, including denim, khakis, outerwear, t-shirts, and accessories (Reuters). Customers look to Gap for casual clothing and accessories that help them express their own personal sense of style. What initially started as one brand, developed into a family of brands that include: Gap, GapKids, babyGap, GapMaternity, and GapBody. The brand’s mission is to serve the needs of the everyday casual market, while attracting customers with its style and substance. The quality of its products can withstand the wear and tear daily activities yet still affordable (Joslin). Products for Gap are made available globally in its specialty and outlet stores, online, and in franchise stores (Reuters).
BANANA REPUBLIC Acquired in 1983, Banana Republic is an attainable luxury brand that is the destination for work wear for men and women. It offers high-quality apparel, accessories, and elevated essentials. It also includes sophisticated seasonal collections of accessories, shoes, personal care products, and intimate apparel. Banana Republic delivers magnificent design and luxurious fabrications at budgetfriendly prices. The brand is regarded for helping make fashion more accessible to the everyday person. The designs of the products have a timeless quality and infinite versatility, allowing for a transition from the office to an after-work event (Joslin). 8
OLD NAVY Founded in 1994, Old Navy offers wardrobe “must-haves� at affordable prices, for the family (Gap Inc). Old Navy targets the budget-conscious shopper by delivering on-trend apparel and accessories, along with updated basics at an exceptional value. The in-store experience creates a fun and energizing shopping environment for the family. Not only does the brand provide products such as apparel, accessories, handbags, shoes, and personal care products but it also offers online-only exclusive items, such as their plus-size collection (Reuters).
PIPERLIME This online-only fashion boutique debuted in 2006 of October. Piperlime effectively inspires customers with a fresh and unique variety of products, brands, and price points (Gap Inc). Product assortment includes apparel, footwear, handbags, and accessories for men, women, and kids. Though lacking a physical retail store, the brand makes up for in providing favorite picks and advice on seasonal trends from celebrity style experts, Rachel Zoe and Olivia Palermo, who help keep customers in the know of fashion (Joslin).
ATHLETA Attained by Gap in 2008, Athleta provides the ultimate performance apparel and gear. The product line is made up of functional and stylish apparel, footwear, and accessories for a wide assortment of sports and fitness activities. Products also include crossover apparel and casual wear. The items are designed and developed by women athletes for women athletes, and tested to make certain that each item offered features the perfect balance of performance and style (Gap Inc). With feminine designs and customized fits, it is quality that withstands an active lifestyle (Joslin).
FINANCIAL ANALYSIS FINANCIAL PERFORMANCE Gap Inc. has recorded fluctuating financial growth over the past 5 years. The company’s annual revenue in 2009 was listed at $14.53 billion then decreased by 2.26% in 2010 to $14.2 billion. During 2011 revenue increased by 3.29% to $14.66 billion from the previous year, however in 2012 it dropped by 0.78% to $14.55 billion. As of 2013, Gap Inc. recorded its revenue at $15.65 billion which improved by 7.57% from the prior year of 2012. The gross profit of the company varied year to year as well. From 2009 to 2010, there is a 4.7% growth in gross profit from $5.45 billion to $5.7 billion. Yet in 2011, the growth is stunted to a 3.81% increase making the year end gross profit at $5.92 billion.
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In the following year of 2012, things took a drastic drop to $5.32 billion, resulting in a 10.14% decline in gross profits. Finally, the company recovered in 2013, with a 15.93% increase to $6.17 billion. Gap Inc.’s net income had similar results to that of its gross profit during the 5 year period. In 2009, the company listed its income at $967 million which then increased by 13.75% to $1.1 billion. By 2011, it slightly grew to $1.2 billion, with a 9.1% increase from the previous year. However, a 30.58% decline ensued in 2012 resulting in an income of $833 million for the year. Gap Inc. more than made up for the financial loss of 2012 with a 36.85% growth to $1.14 billion for the fiscal year 2013 (Market Watch).
FINANCIAL PERFORMANCE FOR GAP $18.00 $16.00
USD in Billions
$14.00 $12.00 $10.00
Revenue
$8.00 Net Income
$6.00 $4.00 $2.00 $0.00
2009 Source: Market Watch
2010
2011
2012
2013
Years
11
FINANCIAL ANALYSIS
PROJECTED GROWTH According to analysts from Reuters, Gap Inc. is expected to have a 7.57% growth in the next year, and 3.3% growth in the following 3 years. Unfortunately, by the fifth year the growth will decrease to -0.14%. The company’s earnings per share (EPS) has an estimated 48.82% growth for the year 2014, then a 13.84% increase in the next 3 years, and finally a 16.33% rise in 5 years. Analysts also expect for Gap Inc.’s dividends to grow by 11.11% in a year, 13.72% the third year, and 9.34% for the fifth year (Reuters).
FORECASTED GROWTH FOR GAP 5 Years
Dividends 3 Years
EPS Sales
1 Year
-10.00%
0.00%
Source: Reuters
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10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
SWOT ANALYSIS As an effective specialty retailer offering a wide selection of apparel, accessories and personal care products, Gap enjoys a vast geographic presence with operations in almost every continent. This extensive global presence diversifies Gap’s business risk and also increases its addressable market. Yet, the increase in labor costs could also result in an increase in the company’s operating costs and negatively affect its margins (Market Line).
Strong Liquidity Position
Product Recalls
Strong Brand Recognition
Dependency on 3rd Party Manufacturers
Wide Geographic Presence
Growing Apparel Market
Strengths
Weaknesses
SWOT Analysis Opportunities
Threats
Decreasing Store Sales
Competitve Environment
Increasing Online Presence
Changing Consumer Behavio r
Expanding Into Markets
Decreasing Shopping Trips 13
SWOT ANALYSIS
STRENGTHS One of the strengths of Gap is that it currently has a strong liquidity position. During the fiscal year 2010, the company’s liquidity position grew significantly. It recorded a ratio of 2.19 during the year as compared to 1.86 in 2009. In 2010, Gap displayed a substantial increase in its cash flow from its operating activities which increased 36.54% to $1.93 billion. The increase in cash and cash equivalents represents Gap’s ability to fund its business opportunities, working capital needs, satisfying the requirements of short term obligations and other capital requirements in the future (Global Data). Over the years, Gap Inc. has built a strong product portfolio resulting in global brand recognition. Through its multi-channel marketing, the company has provided a wide
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range of apparel and accessories for its customers. The company caters to a diverse range of customers through its multiple store banners, helping to achieve a brand awareness around the world (Global Data). Gap has effectively taken advantage of available markets across the globe which has led to its wide geographic presence. This strength has helped protect it from the risk of operating in a single economy. The brand operates 3,082 stores in North America, Europe, and Asia. It has also entered into
Gap Locations as of 2013 (Gap Inc.)
several franchising agreements to distribute its products across a multitude of countries. Gap’s global omnipresence allows it to evolve its brand image and sustain a strong position in the market (Global Data).
SWOT ANALYSIS
WEAKNESSES The company also has several shortcomings as well, one of which includes several product recalls. Not only does this produce substantial negative publicity about its products and business, but it also hampers commercialization of future product candidates. For example, in April 2010, Gap had to recall its babyGap Marrakesh and Gap Outlet baby one-piece swimsuits. This recall occurred due to the halter straps being too short causing the plastic ring located at the center of the swimsuit to press against the child’s throat and obstruct the airway, creating a strangulation hazard (Global Data).
Gap’s significant reliance on third party manufacturers could adversely affect their financial performance (Global Data).
Another weakness Gap experiences is a decrease in store sales. Over the past few years, their comparable store sales have been dwindling, which resulted in a stunted growth profits. While the company operates in two segments: stores and direct sales (online and catalogs), the stores segment accounts for more than 90% of the company’s total revenue. In 2010, the company generated $13.1 billion compared to $13.5 billion in the fiscal year ending 2009, a 3.18% decrease. Gap also suffers from dependency on third party The decline was caused by a downturn in net sales due manufacturers outside the US, which may negatively to the weakening retail environment and consumers affect their profits. If the company were to experience flocking to discount stores (Global Data). substantial increases in demand or need to replace an existing vendor, there is no guarantee that additional manufacturing capacity will be available when required on terms that are acceptable to their standards, or that any vendor would be able to allocate Gap faces several opportunities that it can take a sufficient capacity to meet the requirements. advantage of in order to improve sales. The performance Since these independent third parties manufacture of the industry is predicted to surge, with an estimated nearly 98% all of their merchandise, they are directly compound annual growth rate (CAGR) of 3.1% from impacted by increases in the cost of those products 2011 to 2016. According to research, the US apparel (Gap Inc.). International vendors also require to retail industry is expected to drive to a value of $383.8 abide to certain conducts and environmental, billion by the end of 2016. Similarly, the European and labor, health, and safety standards in domestic and Asia-pacific industries will grow with CAGRs of 2.6% international markets. Any noncompliance with the and 1% respectively, to reach values of $469.3 billion standards could delay the delivery of the goods and and $316.8 billion in 2016 (MarketLine “Apparel Retail”). considerably affect the company’s reputation. Thus,
OPPORTUNITIES
15
SWOT ANALYSIS
Since the company offers quality products and solutions through their vast distribution channels, Gap will likely make use of the opportunity of the growing apparel industry and thereby improve their growth (Global Data). With the escalating trend of e-commerce business, Gap has great potential to increase profitability in its direct-to-customer segment. In 2009, the direct-to-customer segment accounted for 7.87% of the total revenue of the company and grew by 8.54% at the US Retail Ecommerce Sales, 2013-2017 billions and % change
$434.2 $384.9 $338.9 $296.7 $258.9
2013
2014
Retail ecommerce sales Source: eMarkete r, April 2013
16
2015 % change
2016
2017
end of the fiscal year 2010. By advancing their online presence, Gap can increase their revenue with more contribution in this segment. According to analysts from eMarketer, online apparel sales are expected to increase 14.6% to $296.7 billion in 2014. The growth is forecasted to be 14.2%, 13.6%, and 12.8% for the years 2015, 2016, and 2017. M-commerce shoppers will be strong drivers for the estimated growth. Mobile sales already account for 11% of ecommerce sales, and its share will grow to 25% by 2017 (eMarketer). An online store concept provides consumers the convenience of shopping from home, saving on time and transportation cost. Gap can profit from the growth of the e-commerce trend, which is sustained by rising internet penetration and increasing familiarity to online shopping (Global Data). Gap also has the opportunity to expand into new markets. The brand has already taken action in this area by entering new geographies in recent years. In November 2010, Gap opened its first store in Italy, which is located in Milan’s premier shopping district. In the
SWOT ANALYSIS
following year, the company debuted its first store in Latin America located in Santiago, Chile. In 2012, Gap partnered with Stuttafords department stores, which have been selling Gap products since 2007, in order to make Stuttafords a franchise operator for Gap in South Africa. The initiatives made to enter the global market could provide considerable exposure to more diversified customer base and strengthen its brand image (Global Data).
THREATS Gap operates in a highly competitive specialty apparel retail industry. The company encounters intense competition from all categories of the industry: local, national, global department stores, specialty and discount store chains, independent retail stores, and online businesses, which market similar merchandise. The company also faces significant competition from the local brands that have already been established in European, Japanese, and Canadian markets. Gap’s franchisees risk competition in the respective markets as well. The increase in global competition in the apparel retail market may substantially affect the company’s market share in future financial years (Global Data).
The company’s financial performance is susceptible to economic conditions and its effect on consumer spending habits. Due to the recession, consumers in the US are left with less disposable incomes. Thus, consumer purchases of discretionary items, including Gap’s products, usually decline during economic uncertainty. Unfavorable economic changes in regions where Gap sells their products, could reduce consumer confidence, and thereby adversely affect earnings and results of operations. Gap’s success depends largely on their ability to measure the tastes of their customers and produce merchandise that satisfies their demands in a timely manner (Gap Inc). In order to cope during these periods, Gap will need to spend more on coupons and discounts to attract customers (Global Data). A decline in shopping trips in the US also poses a threat to the business of Gap. In 2010, the US operations contributed to 82.1% of the total revenue of the company. These declines are caused by a number of factors some of which include: the economic downturn, fluctuating gas prices, and the accessibility of online shopping. Gap already has encountered a decline in its comparable store sales over the past few years, and if this trend is continued it could cause significant damage to the company’s growth (Global Data).
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COMPETITORS COMPETITIVE ANALYSIS Gap competes in a highly competitive market, and therefore has an extensive number of competitors. The retail industry includes numerous national brands and local retail stores, creating competition from every retail corner. They face competition with local, national, and global department stores, specialty and discount store chains, independent retail stores, and online businesses that provide similar products. Gap currently competes with the following brands: Uniqlo, J. Crew, and L Brands, Inc. According to the Gap Inc.’s 2012 Annual Report, the brand faces competitive challenges with these companies which include their: • Ability to anticipate and respond quickly to changing apparel trends and customer demands; • Ability to attract customer traffic; • Competitive price points of products and achieving customer perception of value; • Ability to maintain favorable brand recognition and effectively market products to customers in diverse market segments; • Ability to develop innovative, high-quality products that appeal to customers of different age groups and tastes; • Ability to source merchandise efficiently; and • Ability to provide clear and direct marketing support
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COMPETITOR COMPARISON Company Gap Uniqlo J. Crew L. Brands
Revenue $15.65B $11.2B $2.2B $10.46B
Employees Share Price Total Assets Gross Profit Net Income 137,000 $31.21 $7.47B $6.17B $1.14B 23,982 $341.03 $8.83B $5.53B $886M 4,600 (Private) $3.49B $986.7M $96.09M 19,600 $53.98 $6.02B $4.4B $753M
Source: Market Watch (As of 2013)
PERCEPTUAL MAP High Quality
Uniqlo
Gap
J. Crew Low Price
High Price
L.Brands
Low Quality
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BRAND ANALYSIS BRAND ADVANTAGES One of the existing assets of Gap is that is has a rich history and heritage, that has grown to play a quintessential role in American culture. Jeans are a key part of the brand’s DNA and helped develop it into the Gap known today. With this foundation on denim, Gap is guaranteed products that will remain relevant with the constantly evolving fashion trends.
“Style and fashion may change, but jeans never go out of style,” claims Global CMO of Gap, Seth Farbman. Gap’s 1969 jeans line was an effective strategy in looking to the company’s past in order to define its future in the market. The marketing efforts featured vignettes from its hip-looking L.A. design studio, focusing on the intriguing, innovative, current and connected things that were happening in the company (Birkner). By telling the personal stories about the product, it increase the value of the product in a genuine way. By continuing, to use a similar marketing strategy of the 1969 collection, Gap could expect to see an increase in consumer interest and financial growth. Due to its established history and growth over the years, Gap has secured a strong global brand awareness. Farbman states, “Everybody knows Gap; everyone’s aware of Gap. When we come into international markets for the first time, even there, there’s no awareness problem.” The company needs to take advantage of this asset and provide customers with a better context, insight, and information about Gap. Another benefit that Gap has is its remarkable brand values. These specifically defined values were established in order to drive continuous efforts to improve their social and environmental performance (Gap Inc.).
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GAP BRAND VALUES 1. Integrity 2. Respect 3. Open-mindedness 4. Quality 5. Balance
Not only does Gap incorporate these values in the way they operate, but they also include them in the products they create as well. Seth Farbman explains, “Our brand’s view is that you should have the quality, the design, the fabrication, the development, all of those great things about premium denim but not at a premium price. The brand has always been about democratization and accessibility.” Since its beginning, the company has made it part of their responsibility to do more than just sell clothes. By continually enforcing these values for the company, customers will be attracted to its responsible vision for better products and a better future.
BRAND DISADVANTAGES A setback that Gap currently suffers from is their ineffective use of social media. In 2013, the company created a contest on Tumblr encouraging customers to post their artistic interpretations of the “Back to Blue” Gap campaign. While it was good that Gap was
attempting to engage with their customers, it wasn’t an effective way to attract traffic to Gap. “I don’t think Gap has been innovative,” said Erich Joachimsthaler, founder and CEO of Vivaldi Partners Group, a New York-based brand consultant. “The efforts they are making, everyone else has already made. Look at Burberry. They’re addressing young customers and probably many are Gap customers.” Burberry has made groundbreaking initiatives in developing an omni-channel world that successfully integrates digital and physical presences (Moin). According to a study by Forrester, more than 85% of US online users engage with social media on a regular basis. The study also found that people actually turn to social media throughout their customer life cycle—and that people who engage with companies through social media are better customers (Forrester Consulting). In order to get the most value from social tactics, companies must fit social tools into the larger framework of the consumer life cycle along with their marketing programs. Gap needs to develop widespread relevance with new customers as well as those who have gone to other brands (Moin). In recent years, Gap has put much of its focus on expanding into international markets, while reducing business in the US. In 2013, Gap began closing 189 stores in the United States which makes up 21% of its overall retail stores, and instead concentrated on expanding its international footprint by opening 400 stores in China (FOX Business). Although the company believes that focusing on international ventures can improve its profits due to the lack of 21
BRAND ANALYSIS
success in its domestic market, they face challenges such as minimal experience operating in these regions as well as exposure to foreign currency exchange rate risks. If Gap’s plans for international expansion prove unsuccessful, the company’s operations and financial results could be materially and adversely affected (Gap Inc.). Instead Gap should focus on altering the brand awareness in their U.S. market by concentrating on the millennial demographic and creating a relevant fashion-forward brand identity. Another problem that the company faces is its inconsistent target market. Historically, the brand was all about clothing for the masses, but that strategy no longer works today. Over the past few years, Gap has struggled to maintain a customer base in its US market, and the constant shifts of focus has made it difficult for the company to keep track of consumer demand (FOX Business). “Gap has been struggling for a decade to find the right target customer,” said Adrienne Tennant, a retail analyst with Janney Capital Markets. “They have disappointed customers on and off, and the product is confusing for target customers.” Gap needs to focus on the emerging generation for cues on style, music, and other cultural trends. This generation is highly connected and influential compared to previous generations. Millennials consume media in a much different way, preferring brands that have a story. This demographic is key to the success of Gap as it establishes its strategy in the future (Birkner).
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The last disadvantage Gap suffers from is the cannibalization of its products. By attempting to be an all-encompassing brand, it cannibalizes merchandise from other brands it owns. For example, GapBody sells similar products found at Athleta, and Old Navy has nearly identical merchandise to Gap but for a lower price. With this setback, customers are more likely to buy the more affordable product, reducing the sales performance of the higher priced item. In order to resolve this disadvantage, Gap should focus on a specific market and acknowledge that it can’t be the brand for everyone. The company needs to focus on creating wardrobe essentials instead of trying to be 100% of a person’s wardrobe. This will allow them to concentrate on things the brand does best, which includes denim, khakis, t-shirts, and oxfords (Birkner).
BRAND REPOSITIONING After intensive research of the brand, I found that Gap could use improvements by repositioning its brand identity in order to reach new target markets, change brand awareness, and focus on specific product categories. By first updating the essence of the company and products and services, the brand image can be effectively recreated in order to appeal to the emerging target market. Updates made to the brand identity will include: • Logo • Marketing Collateral • Website With these updates, Gap will be able to live up to its mission of doing more than just selling clothes, by creating an identity that will lure in new customers and improve loyalty to the brand.
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LOGO RE-DESIGN ORIGINAL LOGO
While well-established and familiar among consumers, this logo has failed to progress into the modern age. As a result, Gap is unable to capture the attention of the millennial demographic, as it reminds them of the brand their parents once wore. Serif fonts are typically associated with luxury brands, which is unfitting of Gap’s category in the apparel market. Although, the royal blue color has been a staple since its beginning, it lacks sophistication and style.
UPDATED LOGO
As a revision to the original logo, I decided to create a crisp, modern aesthetic by changing the font and color of the logo. The border surrounding the box plays with negative space, creating visual interest. After much research, I found that the more successful brands today within Gap’s category use sans serif fonts which have a contemporary style. By changing the color to a deep navy blue, it helps to reinforce an accessible sophistication.
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MARKETING COLLATERAL
For the marketing collateral, I wanted to mimic the design of the logo by creating a simple and modern theme. The business card incoroprates a mood image behind the logo on the front of the card, while the back is minimal with white text and a navy blue base. The hang tag and notebook are made of textured cardstock, to have an urban appeal. With this new collateral, I hope to update and solidfy the brand identity of Gap as a hip, cool company that millennials will want to purchase products from. 25
WEBSITE RE-DESIGN ORIGINAL WEBSITE
UPDATED WEBSITE 26
Lastly, I felt that the original Gap website needed updating. It was unorganized and confusing to navigate, which often disinterests customers. By using fun and relatable images, it creates a brand that is able to better reach a millenial demographic. The website redesign is simple and organized while creating a digital environment where customers will want to shop.
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