Why Old Navy's Wildly Popular $1 Flip-Flop Sale Could Hold the Secret to Monetizing ‘Social Commerce’

Just as the Mr. Softee jingle and the distinct smell of suntan lotion instantly evoke summer days, Old Navy deems its annual $1 flip-flop sale, which launches on Saturday, a staple of the season. It's also become big business for the Gap's lower priced spin-off chain. The flip-flop promotion marks the retailer's second biggest sales windfall of the year behind Black Friday. Ivan Wicksteed, global chief marketing officer for Old Navy, spoke with Forbes about its first ever flip-flop vending machines, which rolled out to 36 locations in New York and Los Angeles.