Gap expands to new territories

Gap Inc. announced its expansion plan into new territories is well under way. The company

stated it will open stores in Hungary and Paraguay this year in agreement with new franchise partners.

While a Paraguay store will open later this year in an unnamed location, the first two Gap stores will be located in Hungary’s capital Budapest.

Banana Republic, also part of the Gap Inc. portfolio, will see a debut a stand-alone Banana Republic store in Mexico later this year through an existing agreement with retail partner Distribuidora Liverpool. Previously, Banana Republic-branded merchandise was available through a franchised shop-in-shop at the Liverpool department stores.

By the end of 2013, Gap expects to have a presence in eight Latin American countries, including Chile, Panama, Colombia, Mexico, Uruguay, Paraguay, Peru and Brazil with expectations to add Costa Rica “in the near future”.