Gap seeks toehold on e-shoe market

Iria · May 22, 2006, 11:42 PM

Source: News.com
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Apparel retailer Gap Inc. said Monday that its electronic-commerce division, Gap Inc. Direct, would launch an online footwear business to grab a piece of the lucrative shoe market.

The unit is expected to be ready for the 2006 holiday season and will offer casual and designer footwear, the company said in a statement.

Gap Inc., which has struggled with slowing sales as competition in the apparel business has heated up, said its market analysis has shown its online apparel customers also buy shoes online. Sales of online footwear are rising by almost 15 percent annually, and the market is expected to reach $5.5 billion by 2010, Gap said, citing Forrester Research.

"Almost two-thirds of our online customers surveyed last year said that they would buy shoes online from Gap Inc.," Toby Lenk, president of Gap Inc. Direct, said in a statement.

May 22, 2006, 11:42 PM	#1
Iria DriverHeaven Extreme Member Join Date: Apr 2004 Posts: 7,275 Rep Power: 89	Gap seeks toehold on e-shoe market Source: News.com ______ Apparel retailer Gap Inc. said Monday that its electronic-commerce division, Gap Inc. Direct, would launch an online footwear business to grab a piece of the lucrative shoe market. The unit is expected to be ready for the 2006 holiday season and will offer casual and designer footwear, the company said in a statement. Gap Inc., which has struggled with slowing sales as competition in the apparel business has heated up, said its market analysis has shown its online apparel customers also buy shoes online. Sales of online footwear are rising by almost 15 percent annually, and the market is expected to reach $5.5 billion by 2010, Gap said, citing Forrester Research. "Almost two-thirds of our online customers surveyed last year said that they would buy shoes online from Gap Inc.," Toby Lenk, president of Gap Inc. Direct, said in a statement.