San Francisco -- Gap said Tuesday it plans to open stores in both Vietnam and Guam as part of the retailer’s efforts to ramp up overseas expansion.
A Gap store is slated to open in Vietnam in October, followed by a Banana Republic store in late 2012.
The first two Gap stores will open in Ho Chi Minh City as part of a franchise deal with Imex Pan Pacific, with additional stores set for Hanoi in 2012.
The first two Gap stores will open in Guam in January, under an existing franchise agreement with Casual Clothing Specialist.
"Vietnam's rapidly growing economy and Guam's well developed tourism industry both provide ample opportunity to introduce the Gap and Banana Republic brands to local consumers," Stefan Laban, Gap's managing director of strategic alliances, said in a statement.
Gap’s international coverage, including the latest deals in Vietnam and Guam, includes 32 countries. It has announced plans to double its current 200-store franchise base to 400 by fiscal 2014.