Gap to Open First Stores in Brazil in Fall of 2013
Today, Gap Inc. (NYSE: GPS) announced plans for the first stand-alone Gap stores in Brazil as part of the company's continuing global expansion strategy. Gap Inc. signed an agreement with Tudo Bom Comércio Ltda. for the planned opening of the first stores in the fall of 2013.
Gap Inc. plans to expand its store base in the country over the next five years, part of its strong platform of growth in the Brazilian retail market.
“Brazil is a critical next step in our global expansion strategy and we are excited to introduce our store experience to customers,” said Stefan Laban, Managing Director of Strategic Alliances, Gap Inc. “Given that Brazil is the fifth largest country in the world and the largest Latin American economy, we feel that this market provides us with an incredible growth opportunity.”
Previously, Gap offered its products solely through duty-free channels throughout Brazil. The first Gap stores will open in Sao Paulo, the country's largest city followed by Rio de Janerio. The stores will house Gap, GapKids and babyGap collections.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.