Gap begins its South American expansion
On October 14, Gap opened its first store in South America in the Parque Arauco Mall in Chile. The American group, which saw a 4% decrease in sales in the month of September compared to the same period last year, is continuing with its international expansion strategy which, according to plans, should lead to growth in new markets.
Banana Republic A/W 2011-12 campaign
“We are thrilled to be opening our first stores in South America", said Stephen Sunnucks, president of Gap Inc. International. “We believe substantial opportunity exists in Latin America."
Gap Inc. is opening its first stores in Chile under its existing franchise agreement with Komax. A second Gap store will open in the country in Concepcion at the Plaza Trebol Shopping Center in November. The group has also signed a new agreement with Superior Retail Inc. in order to bring its brands to Panama and Colombia. The plan is to open Gap and Banana Republic stores in January 2012 in Panama City and then in Bogota at the end of 2012.
Gap Inc. announced that it has opened nearly 200 stores in 36 countries in the last five years and the group expects that figure to have doubled by 2014. Gap also spoke of its goal to be making more than 30% of its sales outside of the US market – where it plans to reduce its store network –at the end of fiscal year 2013, which closes in January 2014. The group also has high ambitions for the Chinese market, where it wants to triple its retail network from now until the end of 2012, and it is set to open a Banana Republic flagship store in Paris before the end of the year.
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