MEXICO: Gap opens first standalone store in Mexico
Gap Inc has opened its first stand-alone store in Mexico as part of efforts to expand in the fast-growing Latin American retail markets.
Gap previously offered its products through a franchise concession in Liverpool Department Stores throughout Mexico.
The company said the stand-alone store opening "signifies an evolution in consumer awareness and affinity for the Gap brand and Gap Inc's continuing focus on providing American style to consumers around the globe".
The store builds on the firm's existing wholesale relationship with Distribuidora Liverpool. Located in the newly designed Interlomas Mall in the suburb of Iterlomas, just outside Mexico City, the 10,000 square foot store will offer Gap, GapKids and babyGap collections.
The company has also extended its existing agreement with retail partner Superior International to open its first Gap stores in Bogota and Medellin in Columbia next month. A Banana Republic store will also open later this year in Medellin.
In Uruguay, the company has signed a new agreement with Neutral Duty Free to open the first Gap store in the country later this year.
"Latin America hosts some of the fastest growing retail markets in the world with extremely high brand recognition for both Gap and Banana Republic," said Gap's managing director of strategic alliances, Stefan Laban.
"This, combined with the tremendous response to the launch of Gap and Banana Republic in Chile and Panamá, makes us confident there is significant opportunity for our brands in Uruguay, as well as other countries in the region."
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