Gap Inc. Introduces Unique Cross-Brand Credit Card Program
SAN FRANCISCO, Oct. 11 /PRNewswire-FirstCall/ -- Combining greater
convenience and more rewards in a way never done before by any specialty
apparel retailer, Gap Inc. (NYSE: GPS) today began offering a new private-
label credit card that lets customers use one card to shop the company's Gap,
Banana Republic and Old Navy brands.
The new credit card program enhances existing loyalty rewards, allowing
points to be earned and redeemed across Gap, Banana Republic and Old Navy.
Single sign-up for new customers and a consolidated monthly statement add
additional convenience. The aggregate reward credit card program is the first
of its kind within the specialty retail apparel industry.
"We're pleased to offer our customers convenience they've asked for -- one
card accepted both in our stores and online at Gap, Banana Republic and Old
Navy, and offering a combined loyalty and rewards program," said Toby Lenk,
President of Gap Inc.'s Direct division, which is managing the integrated
program along with GE Consumer Finance. "By making it easier and more
rewarding to shop Gap, Banana Republic and Old Navy, our new cross-brand
credit card will strengthen our relationship with existing and new customers."
Through customer research, the company found that its current cardholders
are its most loyal customers -- spending and visiting about twice as much as
other customers and actively cross-shopping the three brands. Survey results
indicate that about 65 percent of Gap brand cardholders already shop at Banana
Republic and Old Navy and that 75 percent of Banana Republic cardholders shop
at Gap and Old Navy, and the program aims to reward that.
Existing and new credit card customers will receive coupons good for 10
percent off an initial purchase with their card at each brand. In addition,
existing and new cardholders will have access to brand-specific promotions.
They will also receive free shipping for online purchases over $50 made with
their card on the individual brand Web sites.
New credit card customers can apply in stores or online. Both existing and
new customers will earn one point for every dollar spent with their card at
any Gap, Banana Republic or Old Navy store, including outlet and factory
stores and brand Web sites. Cardholders earn a $10 coupon redeemable at any
brand for every 200 points they accumulate across the brands, representing a
five percent rebate. Banana Republic Luxe customers have a slightly different
reward threshold, but also receive a five percent rebate.
Gap Inc. debuted its first private label credit card in 1998 with a Banana
Republic card. Gap and Old Navy followed in 2000.
Gap Inc. is a leading international specialty retailer offering clothing,
accessories and personal care products for men, women, children and babies
under the Gap, Banana Republic and Old Navy brand names. Fiscal 2003 sales
were $15.9 billion. As of October 2, 2004, Gap Inc. operated 3,038 stores in
the United States, the United Kingdom, Canada, France and Japan. In the United
States, customers also may shop the company's online stores at gap.com,
BananaRepublic.com and oldnavy.com.
Investor Relations: Media Relations:
Mark Webb Tricia Link
415-427-2161 415-427-7431
SOURCE Gap Inc.
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Related links:
http://www.gapinc.com
CONTACT:
Investors: Mark Webb, +1-415-427-2161, or
Media: Tricia Link, +1-415-427-7431, both of Gap Inc.
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