Gap CEO Art Peck Talks ‘Change or Fail’ at Shoptalk

Gap Inc. president and chief executive officer Art Peck closed his keynote address at Shoptalk on Monday with three simple words that could haunt some of the retailers in attendance: “Change or fail.” It’s a bracing mandate for an industry that, for the most part, has stayed relatively static for generations. But those were Gap founder Don Fisher’s words, and the message still clearly informs the 50-year-old business he left behind. Peck ran through a heady list of examples, most notably his company’s new $35 million acquisition of children’s brand Janie and Jack. The purchase gave the Gap Inc. “an incredible jewel box of a business out of the Gymboree catastrophic nightmare bankruptcy meltdown,” he said. Now the tally of Gap brands sits at seven, including namesake Gap, Banana Republic, Intermix, Athleta, Hill City and Old Navy — though the latter will be spinning off into its own company over the next 12 to 18 months. “We do believe that we’ll have two companies that are stronger than ever,” he said. Then dropped a cryptic teaser: “And I would say, watch this space. I think there are some very interesting things to come.” He’s clearly proud of Old Navy. “You may not know this, it’s the

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