December 18, 2012
Gap (NYSE: GPS ) 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.