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QUEEENS, INC.
Gap Dresses for Opening In New Forest Hills Store Newsday, Friday, March 9, 2001 |
Gap Inc. reported declining profits for the fourth quarter, but that wasn’t evident from the last-minute preparations at the newest Gap store opening in Forest Hills today. Managers from Gap stores at Queens Center Mall and Port Jefferson helped workers unpack boxes and stock shelves all day yesterday, preparing for a 10 a. m. opening at the 22,000-square-foot store on Austin Street. The Gap operated 3,740 stores as of March 3, an increase of 22 percent over the last year. The company reported that net income for the fourth quarter ending Feb. 3 fell to $271.8 million, down from $413.9 million for the same period last year. However, the company reported sales of $784 million for the four-week period ending March 3, an 8 percent increase from the same period last year. The Gap’s comparable store sales for the same period were down 11 percent, compared to a 4 percent increase in February 2000. The Forest Hills store—four times the size of the Gap store down the street—will include a Gap, Baby Gap, Gap Kids and Body Gap departments. Body Gap sells lingerie and sleepwear. The 5,000-square-foot Gap on Austin Street closed Wednesday, and it’s contents were moved to the new store yesterday. The old space will be converted to a new, larger Banana Republic—which is owned by the Gap—within a few months. The existing 3,000-square-foot Banana Republic will be shut down. The $12-million project created about 100 construction jobs, according to landlord Heskel Elias. He said the Gap signed a 10-year lease with an option for another 10 years. He predicts the store will generate about 60 part-time and full-time retail jobs. "I select my tenants very carefully," said the Israeli-born Elias. "I have the interests of the community at heart." Ryder Construction served as general contractor on the project. Fisher Development did the interior work.
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