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Gap Plans International Expansion

(Filed Under Fashion News). Gap Inc. will open its first store in China in 2010 under the Gap brand name, the company told investors in an October 15th meeting at the company’s New York City offices. The parent company of the Gap, Old Navy, and Banana Republic branded store chains also told investors that it plans to expand its Outlet store presence internationally, and launch online businesses in Canada and the United Kingdom next year. Additionally, the Gap brand will return to television advertising this November after a two-year absence.

The company said that it is determined to build on Old Navy’s recent success. “Old Navy’s performance this year has shown what we can deliver through consistent products, re-invigorated marketing, and an enhanced store environment,” Glen Murphy, chairman and CEO of Gap, Inc. said. “With our improved economic model, we’re ready to step up our investments and strategies to regain market share and expand our international platform.”

In recent months, Gap, Inc. has posted marginal improvements in comparable store sales after months of steep declines. This September, the retailer posted a 1 percent decrease compared to an 11 percent decrease in September 2008, and in August, a 2 percent drop. Results for both months beat analysts’ expectations.

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Published 10-15-2009 by Amanda Torres Price

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