Gap Heads to the Philippines

San Francisco–based retailer Gap Inc. struck a franchise agreement with the Rustan Group of Companies to open eight Gap and four Banana Republic stores in the Philippines over the next five years. The first Gap is expected to open this year, and the first Banana Republic is expected to open next spring. The deal grants Rustan the right to purchase Gap and Banana Republic apparel and accessories from Gap and Gap Inc. suppliers. And Rustan will be required to follow Gap’s quality standards.