Old Navy Stores Closing Down

In this economy retail stores are closing instead of new ones opening. Almost no company is seeing growth or expanding their market to new customers. Old Navy stores have seen about 25 store closures this year. However there are more store openings than closures. There have been 30 stores opened since November 1st. That means the company has actually seen an increase of stores over this fiscal year instead of a negative impact of store locations. In North America there have been a lot of closures for Gap. There has been an overall 65 stores closed this year.

Stimulus to Old Navy stores

Well the numbers for last month (June) are in and most economists believe stimulus checks got spent at discount stores like Old Navy stores. Other stores like American Eagle and Hollister, i.e. specialty dress stores, were reportedly down in sales compared to previous years; which isn't unlikely when compared to the rest of the economy. Of course it appears that the super-monopoly chain Wal-Mart had an increase of over 4 percent. Excluding Wal-Mart the retail industry was reported to have about a 2 percent increase in sales; this is a good sign that the consumer actually spent their tax checks and didn't just save them.