August 22 marks the 55th anniversary of apparel giant The Gap (GPS) opening its first store in San Francisco. Live from the NYSE, Gap CEO Richard Dickson joins Yahoo Finance executive editor Brian Sozzi to discuss this milestone and the company's future plans.

Dickson highlights the company's decision to change its ticker symbol from GPS to GAP. He explains that GPS originally stood for "Gap Stores" when the brand went public in 1974. However, as the company expanded its portfolio "of iconic American brands that shape culture," Dickson states, "there's no better, more milestone moment than our 55th [anniversary] to declare it with pride."

Reflecting on the company's impact, Dickson adds, "It is an extraordinary company with legacy moments and many of our moments define culture."

Addressing the challenges he faced upon taking the helm a year ago, Dickson outlines his vision around revamping the company. In the short term, he plans to concentrate on "fixing the fundamentals," noting that "retail is detail," encompassing products, pricing, and more

For mid-term and long-term goals, Dickson aims to "reinvigorate" Gap's brands. The Gap's fashion portfolio also includes Old Navy, Banana Republic, and Athleta.

"They have a strong position with consumers that resonates — we just have to dial up our storytelling, dial up our fashion, make sure the basics are always there, create compelling experiences both online and offline."

Dickson emphasizes the importance of marketing strategies. "The key to really effective marketing is being where your consumer is," he notes, stressing the need for continued presence, creative asset utilization, and allowing creative freedom. He notes the brand strives to "move at the speed of culture."

Acknowledging the current economic climate, Dickson says, "We are all working against a backdrop of macroeconomic uncertainty." While maintaining caution about consumer behavior, he remains optimistic, stating that "there's always winners in every space."

The Gap is scheduled to report its second quarter earnings results next week on Thursday, August 29.

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This post was written by Angel Smith