U.S. clothing retailer Gap Inc. plans to open Gap and Banana Republic stores in Colombia next year, the company announced Wednesday.
“Leveraging its franchise model, the company plans to open its first stores in South America in Chile this month as well as introduce Gap and Banana Republic stores to Panama and Colombia in 2012,” the company said in a statement published on its corporate website.
“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,” said Gap Inc. executive Stephen Sunnucks.
“Colombia has the second largest population in South America (46 million people) and has one of the highest rates of economic growth in Latin America. These characteristics, combined with a high level of brand awareness for Gap and Banana Republic, provides an excellent platform to bring both brands to the market,” according to the clothing chain.
The company will open its first stores in Colombia’s capital Bogota in late 2012.