Exhibit 99.1


Investor Relations Contact:
Michelle Weaver
650-874-7780


                     Gap Inc. Announces Intermediate Term
                        Private Placement Note Offering

SAN FRANCISCO -- November 7, 2001 -- Gap Inc. (NYSE: GPS) announced today that
it intends to offer senior unsecured interest bearing intermediate term notes in
an amount and with specific terms to be determined. The company expects to
complete the note offering later this month, subject to market conditions.  The
net proceeds from the note offering are expected to be used for general
corporate purposes including possible repayment of short-term indebtedness.

The notes will be privately offered only to qualified institutional buyers under
Rule 144A under the Securities Act of 1933 and outside the United States to non-
U.S. persons under Regulation S under the Securities Act. The notes have not
been, and will not be, registered under the Securities Act, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of the notes in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state.


Forward-Looking Statements
The matters set forth in this press release, including statements concerning the
company's plans for an offering of senior notes, are forward-looking statements,
which reflect Gap Inc.'s current view of future events. Whenever used, the words
"expect", "plan", "intend", "will" and similar expressions identify forward-
looking statements.  Any forward-looking statements are subject to risk and
uncertainty, including market conditions for the senior notes.  For more detail
on other risks, please refer to the company's annual report on Form 10-K and/or
other filings with the Securities and Exchange Commission.