San Francisco-based Gap Inc. continues to expand its brand presence with new stores in Latin America. The company will open its first stores in Chile this month with Gap and Banana Republic stores planned for Panama and Colombia in 2012.
“We are thrilled to be opening our first stores in South America. Taking our brands to another continent reflects the success and flexibility of our franchise model, which allows us to quickly expand our reach to customers around the world,” says Stephen Sunnucks, president, international, Gap Inc. “We believe substantial opportunity exists in Latin America and our first stores in Chile, Panama and Colombia will allow us to establish a foundation for further growth in this region.”
Gap Inc. began reaching out to the market last year through its international online shipping provider. The new bricks-and-mortar locations will house products from Gap, GapKids, babyGap and Banana Republic.
Through its existing franchise agreement with Komax, Gap will open its first store in Chile in Santiago at the Parque Arauco Mall. A second Gap store is planned for Concepcion at the Plaza Trebol Shopping Center in November.
A new agreement with Superior Retail Inc. will bring Gap and Banana Republic locations to Panama, with the first stores planned for Panama City in January 2012. The company will also operate Gap and Banana Republic stores in Colombia, starting in Bogota in late 2012.
Over the last five years, the apparel retailer has grown its franchise store base to about 200 locations and expanded to 29 countries throughout Asia, Europe, Latin America, the Middle East, Australia and Africa.