Old Navy plans to open 800 new stores

Old Navy has plans to open 800 new stores.

At its investor event Thursday, the company, which has about 1,200 stores, said it wants to reach 2,000 locations by opening stores, mostly in smaller, underserved markets.

The company didn't specify a timeline.

Old Navy opened 145 stores between 2016 and 2018.

The Gap said earlier this year that it plans to spin off Old Navy into a public company in 2020.

The Gap will hold on to its flagship brands Banana Republic, Athleta and Hill City.

Old Navy sales make up nearly half of Gap Inc.'s $16.6 billion of sales in 2018.