San Francisco, Gap Inc. on Tuesday said it agreed to open Gap and Banana Republic stores in the Philippines.
During the next five years, Gap Inc. and its franchise partner Rustan Group of Cos. plan to open about eight Gap stores and four Banana Republic locations throughout the Pacific Rim country.
“The Philippines represents a natural market for Gap Inc. to expand its international presence," said Ron Young, senior VP of international strategic alliances for Gap Inc. "The country has a strong, steadily growing economy, and consumers in this market have a great interest in iconic apparel brands such as ours."
The first Gap store is expected to open by the end of the year and the first Banana Republic store is expected to open by the spring of 2008. All stores are expected to be open by 2012.