Gap co-founder dies of cancer at age 81

PORTLAND, Ore. (AP) — Donald G. Fisher, who co-founded apparel giant Gap Inc., has died at age 81 after a long battle with cancer.

The company said Fisher died at his home in San Francisco on Sunday morning surrounded by his family. Those who knew him said he was a great entrepreneur and philanthropist who helped shape the retail world and his local community.

Fisher and his wife, Doris, opened the first Gap in 1969 in San Francisco, after running into difficulties finding jeans that fit. They named the store after the idea of “The Generation Gap” and sold jeans and music, to appeal to a younger crowd.

The simple, affordable style that became the namesake brand’s trademark resonated with shoppers and took off quickly.

A former real estate developer with no previous retailing experience, Fisher initially anticipated maybe “as many as 10” stores. But Gap grew to be one of the nation’s largest specialty retailers with more than 3,000 stores in over 25 countries.

Gap Inc. now also operates the Banana Republic, Old Navy, Piperlime and Athleta brands. It became a publicly traded company in 1976 and reported sales of $14.5 billion in its 2008 fiscal year.

The company was one of the first dominant brands, pioneering the idea of cheap chic.