Gap Inc. expands its global presence through new franchise agreement
Last month, Gap Inc announced that it has further extended its worldwide network of franchisees by concluding an agreement with Elbit Trade & Retail Ltd. to bring Gap and Banana Republic stores to Israel. According to the information given, the first Gap store in Israel will open this fall, featuring clothing for adults, kids and babies. Banana Republic, which will offer apparel for men and women, is expected to open in spring 2010.
Ron Young, senior vice president of international strategic alliances for Gap Inc, commented: “By signing this agreement, we’re building upon the success we’ve seen in other countries in the Middle East and Mediterranean. We selected Elbit Trade & Retail for their extensive experience in real estate development and their strong track record of operating franchise stores for other retailers.”
Together with its franchise partners, Gap Inc. has opened 89 Gap and 32 Banana Republic franchise stores in 14 countries around the world. Gap Inc. has, it says, also signed and announced agreements to open Gap and Banana Republic franchise stores in Bulgaria, Croatia, Cyprus, Romania, Egypt and Jordan. (kbp)