(Filed Under Financial and General Interest News). Furthering its rapid international growth, Gap Inc. announced the opening of its first Latin American stores this month with additional Gap and Banana Republic locations planned for 2012.
Under Gap Inc.’s existing franchise agreement with Komax, the first Latin American Gap store will open Oct. 14 at the Parque Arauco Mall in Santiago, Chile. A second location will open in Concepcion, Chile at the Plaza Trebol Shopping Center before the end of November. "Chile is a great match for Gap brand’s aesthetic and target customer," said Stefan Laban, managing director of strategic alliances for Gap Inc. "With a nearly $6 billion apparel and footwear market, Chile represents a natural extension for our brands."
As part of a new agreement with Superior Retail Inc., the first Gap and Banana Republic stores will open in Panama City, Panama in January 2012 and Bogota, Colombia in late 2012. Gap Inc. first made its products available to Latin American customers through its online shipping provider in 2010, and the forthcoming stores will offer the company’s signature apparel, intimate apparel, footwear and accessories for men, women and children.
Over the past five years, Gap Inc. has expanded to 29 countries and grown its franchise store base to approximately 200 stores, with franchise agreements in place to expand to 33 more countries.
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