Gap Opens in Panama, More South American Stores Planned
San Francisco–based Gap Inc. opened its first Gap and Banana Republic stores in Panama and announced plans to open stores in Colombia, Uruguay and Peru.
The Panama stores are part of a partnership with Superior Retail Inc.
Located side by side in the Albrook Mall in Panama City, the stores will carry an assortment of Gap, GapKids, babyGap and Banana Republic merchandise “customized seasonally to best suit the needs of Panama customers and local climate,” according to the company.
“With a high rate of tourism and a rapidly growing demand for international retail brands, Panama provides an ideal environment in which to introduce Gap and Banana Republic,” said Stefan Laban, managing director of strategic alliances for Gap Inc. “At the crossroads of the Americas—serving as a bridge for business and travel between North, South and Central America—Panama also represents an important gateway for the future expansion of our brands in the region.”
Last year, the company opened the first Gap stores in Chile. Gap’s agreement with Superior Retail includes plans to open two more Gap stores in Panama and more Banana Republic stores in Panama this year. In partnership with Superior Retail, Gap will also open stores in Bogota and Medellin, Colombia, later this year.
The retail giant will also open a Banana Republic store in Chile through its agreement with Komax Group Inc., which will also assist the company in opening Gap stores in Peru in 2013. And under a new agreement with a subsidiary of Neutral, Gap will open stores in Uruguay this year, as well.
“Latin America hosts some of the fastest-growing retail markets in the world with extremely high brand recognition for both Gap and Banana Republic,” Laban said. “This, combined with the tremendous response to the launch of Gap in Chile, makes us confident there is significant opportunity for our brands in Colombia, Peru and Uruguay, as well as other countries in the region.”—Alison A. Nieder
