I just wanted to point out that I think I'm wrong about The GAP owning Hot Topic. I just went and did a lot of research myself and I'm fairly certain now that I'm wrong, that The GAP does
not own Hot Topic, at least not wholly. I looked through The GAP's 2003 annual report and found absolutely no mention of Hot Topic, although I did find information on Old Navy and Banana Republic, both of whom readily admit to sharing GAP, inc. as their parent company. More importantly, though, Hot Topic is public and can be traded on the stock market, complete with their own symbol (HOTT, under NASDAQ)- correct me if I'm wrong, but I believe this is a sign that Hot Topic, inc. (as they're called) is independant. The GAP, or some other store, such as Abercrombie and Fitch, may own a large portion of their shares, but I'm fairly certain at this point that Hot Topic is indeed independant.
::EDIT:: I'm looking through Hot Topic's annual report now, and it appears that THEY own another company, Torrid, a store selling plus sized clothes for women. In fact, it says in their annual report that they
compete with The GAP, as well as other stores, such as American Eagle, Abercrombie & Fitch, Aeropostale, etc:
Quote
The Company competes with other retailers for vendors, customers,
suitable retail locations and qualified associates. Hot Topic currently competes
with street alternative and vintage clothing stores located primarily in
metropolitan areas and with other mall-based teenage-focused retailers such as
Abercrombie & Fitch, Aeropostale, American Eagle Outfitters, Anchor Blue
(Millers Outpost), Charlotte Russe Inc., Claire's Stores, Inc., Forever 21, Old
Navy (a division of Gap Inc.), Pacific Sunwear of California, Inc., Spencer
Gifts, Inc., The Buckle, The Wet Seal, Inc., Urban Outfitters, Inc.; and, to a
lesser extent, with music stores.
If anyone would like to see this information themselves, here is their
Investor Relations site.
In any case, I know how this rumor started- the current president of Hot Topic, inc., Gerald cook, once held a management position at The GAP. I guess people misconstrued this information to mean The GAP
owns Hot Topic, which isn't true.