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Opens Banana Republic, Gap stores
Gap Inc. (San Francisco) has opened its first Banana Republic store in Russia, and will open the first Gap store in Serbia on Friday. The new locations are part of the retailer’s global expansion plans.
The Russian store is in Moscow’s AfiMall City shopping and entertainment complex, and will be managed under an existing franchise agreement with Fiba Holding. “Given Russia’s high demand for retail consumption, the market presents an ideal opportunity to introduce Banana Republic’s affordable luxury offering,” says Stefan Laban, managing director of strategic alliances for Gap Inc.
Serbia’s first Gap in the capital city of Belgrade will be managed under a franchise agreement with The Marinopoulos Group. “The city’s central location, at the crossroads of Southeast Europe, and modern urban plans provide a perfect platform to introduce Gap to the market,” Laban says.
Gap Inc. has franchise agreements in place to bring its brands to 32 countries, including Chile, Vietnam and Morocco in fiscal 2011.
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