Gap pulls out of Colombian market

By

Tamara Gonzalez Litman

Translated by
Barbara Santamaria

Published
Jun 23, 2016

Superior Brands Holding, the exclusive representative for Gap in Panama, Central America, the Caribbean and some South American countries, has confirmed that Gap is leaving Colombia due to the country’s uncertain economic environment.

All five Gap and Banana Republic stores on Colombian soil are set to be closed in the coming months, according to media reports.

Colombia’s retail market has been badly hit by the decline of the peso and the country’s rising inflation rate.

The announcement follows similar news earlier this year that Gap would leave Costa Rica.

Gap entered the Colombian market at the end of 2012 with the opening of a Banana Republic store in Medellin, followed by Gap openings in Medellin, Bogota and Bucaramanga.