Final answer:
Gap Warehouse was renamed Old Navy in 1994, a strategic move by Gap Inc. to provide affordable fashion to a broader audience, differentiating from its other brands like Gap Outlet and Banana Republic.
Step-by-step explanation:
In 1994, the clothing retailer Gap Warehouse was rebranded with a new name: Old Navy.
The intention behind this change was to create a more affordable clothing line compared to the parent company's traditional Gap stores.
Gap Inc. owns various brands, including Gap Outlet, Banana Republic, and Gap Factory, each targeting different market segments.
Old Navy became an instant success due to its low-priced yet fashionable offerings and has since become a well-known name in the industry.