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  1. #1

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    The Gap: Pressler's/Harriss' sales in decline

    The Gap Inc., led by Paul Pressler as CEO of the entire range of store divisions, and Cynthia Harriss as President of The Gap division, saw its same store sales decline a whopping 7% for The Gap stores in August. August was heralded by Pressler and Harriss earlier this summer as the turning point month, as their new line of Fall clothes they were both completely responsible for from design to store shelf went on sale July 29th. And those new fall fashions were a disaster with consumers.

    Motley Fool has a very good summary of this sad retailing tale, plus archived stories from the past year detailing some great quotes from Pressler that the turnaround is "just around the corner".
    http://www.fool.com/News/mft/2006/mft06083117.htm

    While other casual and high-end retailers like Abercrombie & Fitch, American Eagle Outfitters, and Nordstrom all saw healthy increases for same-store sales in August, The Gap fell off a cliff after several years of steady decline. August sales were down 7% from the year ago period, and last August had already seen declines of 9%!

    Wall Street is finally growing wary of Pressler's continuing statements that the turnaround for The Gap is just around the corner, or next month, or next quarter, or next season. It's going on several years now and The Gap still can't stop losing market share and sales. Cynthia Harriss has been the President of The Gap division for 15 months, after moving from The Gap Outlet division in May, 2005. She was originally hired by Pressler in January, 2004 to head The Gap Outlet, 3 months after she suddenly resigned from being the President of the Disneyland Resort in October, 2003 to "spend more time with my family". (Cynthia Harriss is unmarried and has no children.)

    I went into The Gap at San Diego's Fashion Valley Mall Sunday afternoon, and the place was a ghost town, especially compared to all of the shoppers crammed into Abercrombie & Fitch and Nordies in the same mall. The way its going, The Gap is sliding towards another disapointing Christmas season with all of the wrong merchandise. Ms. Harriss is the President of The Gap division specifically, the engine that runs the entire company and the most troubled division by far. I'm willing to bet Pressler is fired by the board around the first of the year, after the sad Christmas figures roll in. By late winter I imagine Cynthia will again resign quickly to "spend more time with my family". If memory serves, Pressler also took Byron Pollitt with him from Disneyland, a guy he brought in during the 90's to be the CFO for Anaheim. Pollitt will have to go too.

    I wonder where Pressler will take his merry band of mirthmakers who are so very dedicated to their families next? The Home Depot? Happy Nails? Der Weinerschnitzel?

  2. #2

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    Re: The Gap: Pressler's/Harriss' sales in decline


  3. #3

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    Re: The Gap: Pressler's/Harriss' sales in decline

    I wonder where Pressler will take his merry band of mirthmakers who are so very dedicated to their families next? The Home Depot? Happy Nails? Der Weinerschnitzel?
    Home Depot already has Bob Nardelli running it into the ground.
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  4. #4

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    Re: The Gap: Pressler's/Harriss' sales in decline

    Here are new things to put on their resume:

    Almost killed off Disneyland
    Almost finished killing off GAP clothing store brand

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    Re: The Gap: Pressler's/Harriss' sales in decline

    Quote Originally Posted by TP2000 View Post
    I wonder where Pressler will take his merry band of mirthmakers who are so very dedicated to their families next? The Home Depot? Happy Nails? Der Weinerschnitzel?
    Any chance they can take over Wally-mart? (This is a board for dreamers, after all)

    --Barry
    God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.

  6. #6

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    Re: The Gap: Pressler's/Harriss' sales in decline

    Yes! I'd love to see them run Wal-Mart down the crapper.

  7. #7

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    Re: The Gap: Pressler's/Harriss' sales in decline

    I've never like The gap.
    Please run them out of business
    Good morning, son
    In twenty years from now
    Maybe we'll both sit down and have a few beers
    And I can tell you 'bout today
    And how I picked you up and everything changed
    It was pain
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    I knew you'd feel the same things...





  8. #8

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    Re: The Gap: Pressler's/Harriss' sales in decline

    All of our GAP stores disappeared about two years ago, and I was glad to see them go.
    Press today is so concerned with cool vs. not cool that they're starting to forget good vs. bad. I'm not sure I'll ever be "cool", but I will always tirelessly strive to be "great". - Josh Groban

  9. #9

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    Re: The Gap: Pressler's/Harriss' sales in decline

    With the way that duo ruined Disneyland, it's a wonder they got another job! Didn't anyone check their resume?


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  10. #10

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    Re: The Gap: Pressler's/Harriss' sales in decline

    If only Bin Laden was looking for a new CEO. Imagine what he could do for Al Caida.
    "As usual he's taken over the coolest spot in the house"- Father re: Orville 1963

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  11. #11

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    Re: The Gap: Pressler's/Harriss' sales in decline

    I'm so not surprised. I stopped in at the Gap a few months back- I don't normally shop there, but was looking for jeans my very tall pre-teen could wear that wouldn't make her look like a Libby Lu grad. I found the jeans, but unfortunately was talked into getting a Gap card so I could get a substantial discount. Long story short: a month later I still hadn't received a bill- went to their website to set up an online account and encountered error page after error page. Finally called them directly and made a check by phone payment- but two weeks later I discovered they hadn't credited my account. Called to ask why- they threw away their info and made some vague reference to it being my mistake, even though they no longer had the number I gave them. I went back online, established an account, entered my bank info, sent payment, and then was sent an e-mail stating that it didn't go through. Did this three times before I finally gave up and contacted my bank, who said they were idiots and set me up on their end to pay the bill. Payment was made, account settled....not. Just yesterday I received a notice from them closing the account because of numerous NSF's. WTF? No problem- I had no intention of ever using the card again, but I really had to laugh at that. A bunch of morons running that place- they deserve to go under.
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  12. #12

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    Re: The Gap: Pressler's/Harriss' sales in decline

    Quote Originally Posted by Druggas View Post
    With the way that duo ruined Disneyland, it's a wonder they got another job! Didn't anyone check their resume?
    With Pressler as Skipper, and Harris as first mate, anyone care to go with them on a three hour tour?

    --Barry
    God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.

  13. #13

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    Re: The Gap: Pressler's/Harriss' sales in decline

    Oh, and the clerk who originally helped me had some very negative things to say about Pressler. He was surprised at how much I knew about Pressler and Harris, and I told him a bit about the whole SaveDisney movement, etc. He was very pessimistic about the direction and future of his company, and he'd worked there for years.
    LoT

    Any society that would give up a little liberty to gain a little security will deserve neither and lose both.
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  14. #14

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    Re: The Gap: Pressler's/Harriss' sales in decline

    I know how they could save the brand, but they're too short-sighted to do it: start carrying Gap-type clothes in plus sizes.

    But hey, they don't listen at Disney, and darned if they're going to listen at the Gap.

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  15. #15

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    Re: The Gap: Pressler's/Harriss' sales in decline

    I mentioned this on another thread. So... you're Paul Pressler. You wrecked Disneyland and you bankrupeted The Gap. You're used to making millions of dollars per year. Where do you go next?

    Taco Bell?

    How did this guy make it to the upper echelon?
    "Yesterday, a man walked up to me and said, 'Isn't it a shame that Walt Disney couldn't be here to see this?' and I said, "He did see this, that's why it's here."
    -Art Linkletter July 17, 2005-


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