Gap Plans to Open Stores in Brazil
Gap is headed to Rio. In a statement released today, the clothing company announced its plans to open to open stores in Sao Paulo and Rio de Janerio by fall 2013.
Over the past six years, Gap has significantly expanded its international breadth through the use of the franchise model. The company recently celebrated its 300th store opening and currently operates in 40 markets around the globe.
"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, Gap managing director of Strategic Alliances. "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."
In 2011, comparable international store sales (including online) fell 7% year over year, after experiencing a 2% bump in 2010.
The article Gap Plans to Open Stores in Brazil originally appeared on Fool.com.Justin Loiseau has no positions in the stocks mentioned above, but he is currently wearing Gap jeans. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.