Gymboree Plans Crazy 8 Expansion

San Francisco-based children’s retailer Gymboree has announced plans to open 75 to100 new locations of its Crazy 8 offshoot in 2010. The company had previously anticipated opening just 50 stores this year.

Gymboree CEO Matthew McCauley told the San Francisco Business Times that the Crazy 8 chain, which launched in August 2007 and offers lower-priced apparel than the retailer’s eponymous stores, has performed well due to the recession. Analysts believe consumers will continue to seek affordable options even as the economy recovers.

Gymboree reached net sales of just over $1 billion for its fiscal year ending Jan. 31, 2010–breaking the billion-dollar mark for the first time. The company currently operates 630 Gymboree stores and 65 Crazy 8 locations. The company believes that the Crazy 8 concept can grow to be the same size as its Gymboree chain. Visit www.gymboree.com.